Chennai, India – Local currency revenue at polyols producer Manali rose to INR 1.79bn ($25 m) in in the third quarter of 2018. This compares with INR 1.6 bn in the same period in 2017.
Profit before exceptional items fell 40% in the 2018 quarter to INR 174m. The equivalent third quarter profit in 2017 was INR 289m.
The company says the drop is because it could not offset an INR 248m, or 25%, rise in raw materials costs in the quarter. This is despite a fall in employee benefit costs of 21%, which saved the company INR 14m.
Inventories were also reduced, but these savings were offset by higher depreciation and amortisation, energy and finance costs in the quarter.
Manali added that lease negotiations with the local government of Tamil Nadu are continuing.
|Manali Q3 2018 Consolidated numbers INR (m)|
|Pre Tax Profit||173.6||288.7||-39.9|
|USD (m)||USD (m)||USD (m)|
|Pre tax Profit||2.4||4.1||-39.9|
|Conversion XE.com Feb 2019 USD 1= INR 71|