Mangalore Chemicals and Fertilisers, a part of the UB Group, has posted profits of Rs 20.87 crore for the quarter ended March 31, 2012 as compared to Rs 9.5 crore for the same quarter last year, a jump of almost 120 per cent. Income rose from Rs 382.65 crore to Rs 1,022.31 crore in the same period, while the earnings per share rose from Re 0.80 to Rs 1.76.
The company's total expenses also rose from Rs 362.98 crore to 943.34 crore and according to a filing by the company to the BSE, the increase in financial costs was due to factors such as higher working capital due to increased turnover, depreciation of the rupee against the dollar and increase in rate of bank interest.
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