Andhra Petrochemicals Limited, part of the Andhra Sugars group, has recorded a net profit of Rs 2.40 crore on a sales of Rs 37.62 crore for the first quarter of the current fiscal, as against a net profit of Rs 4.45 crore on a sales of Rs 38.21 crore in the same period last year.
The quarterly net profit also includes an amount of Rs 1.36 crore that was credited back from the excess provisioning of depreciation in earlier years.
The company had also other income of Rs 3 crore, it being the interest received on the income tax refund. But for these, the net profit would have been even lower for the quarter.
The fall in net profit for the latest quarter was due to fall in prices of the company's in international markets. The anti-dumping which was earlier imposed also expired on March 31, 2003.
Andhra Petro produces 2 Ethyl Hexanol, N-Butanol and Iso-Butanol, which are primarily used in PVC, paints and pharmaceutical industries.
The company's production in the first quarter was also partially affected due to annual turnaround for a month and owing to low level of Propyline supply by Hindustan Petroleum Corporation Limited
