New Delhi, India — Consolidated sales at Sheela Foam rose by 11% to INR 5.32 bn ($ 83 m) in the third quarter of its 2017 financial year.
However, the cost of materials rose 9.7% to INR 2.81bn in the third quarter, from INR 2.53 bn in the equivalent 2016 quarter. The company reported a profit before tax of IRN 550 m in the 2017 third quarter. This compares with with INR 590 in the 2016 quarter.
Sheela said that the TDI price had varied in the quarter dropping from around INR 315/kg at the start of the period to about IRN 290 before rising to IRN 335 towards the end of the quarter. It added Sheela added that it believed SADARA was yet to commercialise TDI production.
Sheela said revenue from Joyce foam, its Australian operation, was INR 806m in the quarter . It was unable to provide a comparison with the equivalent quarter of 2016.
Trial sales of the Sheela’s Starlite economy model mattress have progressed well. The model was launched in nationally in January, the company said.
