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Chennai, April 22

Chemplast Sanmar Ltd has reported a net profit of Rs 26.64 crore on an income of Rs 174.59 crore for the fourth quarter ended March 31, 2008. During the corresponding quarter in the previous year, the company had reported a loss of Rs 1.38 crore on an income of Rs 149.63 crore. The board has decided to seek shareholders’ approval to double the borrowing powers of the company to Rs 2,000 crore in excess of the paid-up share capital and free reserves and provide a depo sit or letter of credit of up to $100 milllion to TCI Sanmar Chemicals LLC. For 2007-08, the company has reported a net profit of Rs 6.48 crore (Rs 23.19 crore) on gross sales of Rs 734.26 crore (Rs 702.27 crore). Officials said that the increase in raw material costs had resulted in a squeeze of margins, which affected the net profit.

— Our Bureau

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