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New Delhi, Jan. 30 Polyester manufacturer Indo Rama Synthetics (India) Ltd has announced a growth of 137 per cent in its net profit for the third quarter ending December 31, 2007 at Rs 7.21 crore compared with Rs 3.04 crore in the same period last year.

During the quarter, the company completed the merger of Indo Rama Petrochemicals with itself.

The company’s margins and profitability during the quarter could have been multi-fold but for the soaring monoethylene glycol (MEG) prices. MEG prices have since reduced considerably. Availability and prices of Purified Terephthalic Acid (PTA) have remained stable during this quarter.

Mr O.P. Lohia, Chairman and Managing Director, Indo Rama Synthetics (India) Ltd, said, “The opportunities for the polyester industry continue to be manifold. Despite a higher output, cotton prices are soaring day by day which is likely to result in an increase in the demand of polyester. Softening of MEG prices and increased availability of PTA and MEG is likely to have a positive impact on our bottomline, going forward.”

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