Phillips Carbon extends accounting year as oil prices hit profits

Kolkata, India--Phillips Carbon Black Ltd (PCBL) has switched its accounting year to end 30 March. Previously the company ended its year on 30 September. The company also released results relating to the 12 months ended September 2004, but will close the accounting year next March with 18 months-worth of results.

Pre-tax profits fell by more than half over the 12-month period, to Rs 101 million (€1.74 million) while net sales jumped 21 percent to Rs6577 million (€113.5 million). The company said the reduction in profit was due to much higher feedstock costs, while the sales increase reflected higher volumes and higher prices. The comany became India's largest carbon black producer during the year with the expansion of its production facility at Baroda.

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Hindu Business Line (India) story

Website of PCBL (click on 'Financial result' image to view results)