CHENNAI: Manali Petrochemical Ltd has reported a net profit of Rs 23.4 crore for 2004-05, nearly 11 times that of Rs 2.05 crore posted in the previous year.
The profit has diminished its accumulated losses to Rs 35.32 crore. The company has not declared a dividend.
Its turnover increased 17 per cent to Rs 308.77 crore from Rs 264.01 crore in the previous year. Interest charges dipped to Rs 2.28 crore from Rs 3.78 crore.
Addressing a press conference, the company's Managing Director, Mr G. Ramachandran, said that the market for polyols and glycols was booming and the company's plant was operating at close to 100 per cent capacity.
He said that there was scope to save a minimum of Rs 8 crore if only the company went ahead with its plan to put up a 5 MW biomass-based power plant that would cost Rs 32 crore. The problem was in getting the funding, he said.
The company is also hoping to get orders from ONGC for a variety of glycols that is used in drilling.