Noida, India — Sheela Foam, a flexible foam maker listed in Mumbai, had sales of INR 5bn ($70 m) in the first quarter of 2019. This is lower by 2% than the same period in 2018.
EBITDA across the business rose 21.6% and hit INR 620m in the first quarter of 2019.
The company explained that the price of TDI had fallen by 13.5% in the quarter. 'The full benefit of this reduction will be realised in Q2,' the company added.
Joyce Foam is Sheela's business in Australia. Here sales rose by 3.9% between the first quarter of 2018 and 2019. They were INR 790m in the first quarter of 2019. This compares with INR 760m the first quarter 2018.
At the same time, EBITDA in the division increased by 3%. It hit INR 80m the first quarter of 2019. This compares with INR 20m the 2018 period.
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