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JBF Industries, a petrochemical and textile company, has reported that its net profit increased six times to Rs 186 crore (Rs 28 crore) in the December quarter on the back of better realisation from polyester chip, films and polyester yarn. Total income was up 44 per cent at Rs 1,712 crore (Rs 1,190 crore). The company produces PET chips, POY and BOPET (Biaxially-oriented polyethylene terephthalate) films. Prices of BOPET films used in packaging, textile, consumer durables, beverage industries and solar panel more than doubled to $4,000 a tonne as the global economy emerged from the financial slowdown last year, said Mr Rakesh Gothi, Managing Director, JBF Industries. The films division, though lowest by revenues, delivered the maximum profits for the company followed by the chips and POY divisions, which also witnessed a good growth, he added. The company has inked an MoU with Oman Oil Company to set up 1.2 million tonnes per annum PTA (purified terephthalic acid) plant with an investment of $71 million (Rs 319 crore) for augmenting its capacities at its facilities in the United Arab Emirates and up to Rs 27 crore in India during the calendar year, he said.
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