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International Paper APPM Ltd has posted a net profit of ₹23.85 crore for the first quarter ended June 30, 2017, against a profit of ₹15.67 crore for the corresponding quarter last year.
The paper company registered total income of ₹327.21 crore for the first quarter against ₹306.42 crore for the corresponding quarter last year.
In the notes relating to the company results, Donald P Devlin, Chairman and Managing Director, has informed in view of the inherent uncertainty in predicting the final outcome of the litigation, the management has as a matter of caution made a provision of ₹23.57 crore during the previous year towards the potential liability in the event of an unfavourable verdict in this matter.
Additionally, ₹15.71 crore has been disclosed as contingent liability, on the basis of legal advice.
The company shares closed at ₹329.50, up 4 per cent, on the BSE.
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