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Dhunseri Petrochem & Tea Ltd reported a 5 per cent decline in net profit from Rs 26.21 crore to Rs 24.99 crore for the quarter ended December 31, 2010.
The decline is attributed to a sharp increase in both deferred and current tax liabilities.
According to a company release, the tax liabilities have increased by approximately 129 per cent to Rs 38.06 crore during the third quarter of this fiscal against Rs 16.65 crore during the corresponding period of 2009-10. While current tax has increased by nearly three-fold to Rs 11.44 crore (Rs 4.03 crore); the deferred tax liability has shot up to Rs 26.61 crore (Rs 12.61 crore).
During the quarter, net sales increased by nearly 131 per cent to Rs 379.88 crore.
Polyester chips
The topline growth was fuelled by the company's polyester chips business contributing nearly 90 per cent of the turnover.
Profit from operations increased by more than double to Rs 57 crore.
The company began the construction of a new PET resin plant in Haldia in November.
The plant is expected to be commissioned by March 2012.
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