State-run Gujarat State Fertilizers and Chemicals Limited (GSFC) has registered 25 per cent fall in the net profit for the third quarter ended December 2013. Company’s net profit for the period stood at Rs 101.20 croreson the net sales of Rs 1,458.40 crore.
Company’s net sales too fell by 16 per cent from Rs 1,729 crore in the same period previous year.
Commenting on the net sales, company stated, “This is the second highest net sales achieved during the last five years for corresponding period.”
For the nine month period, the company’s net profits slipped by over half or 55 per cent from Rs 460 crore in the third quarter ended in December 2012 to Rs 208 crore in the quarter under review. Net sales for the period dipped by 14.5 per cent to Rs 3,894.40 crore, from Rs 4,557 crore in the corresponding period last year.
“During the period under review the company’s methanol project has been successfully executed and the plant has commenced commercial production. The other significant development is that the company is in the process of finalization of technology supplier for its proposed 40,000 MTPA Melamine project,” company stated after the announcement of its financial results.