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JK Paper Ltd today reported a 90.24 per cent decline in net profit to Rs 1.38 crore for the first quarter ended June 30 due to higher raw material costs.
The company had posted a net profit of Rs 14.14 crore in the corresponding quarter last fiscal, JK Paper said in a filing to the BSE.
Net sales rose 2.86 per cent to Rs 354.65 crore from Rs 344.76 crore a year earlier.
“During the quarter, the performance was impacted due to unabated increase in raw material prices, despite increase in selling prices,” the company said.
The cost of materials consumed went up by 14.15 per cent to Rs 220.70 crore from Rs 193.33 crore a year ago.
Total expenses in the quarter were Rs 348.96 crore, an increase of 8.80 per cent from Rs 320.72 crore in the same quarter a year ago, it added.
Shares of JK Paper closed at Rs 28.85 per scrip at the end of the day’s trade, a decline of 2.2 per cent from the previous close.
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