Phillips Carbon says Chinese imports hit full-year profits

ERJ staff report (DS)

Kolkata, India - Phillips Carbon Black limited reported slightly lower profits on higher sales for the 12 months to 31 March 2012. The same pattern emerged in the three months to March 2012.

For the 12 months, Phillips recorded net sales of Rs 21,868 million (euro 313 million), up from Rs 16,957 recorded a year earlier. Operating profit fell to Rs 1606 million from Rs 2007 recorded a year earlier. The company said sales volume increased by 2 percent and the increase in revenues was due to price increases.

For the most recent quarter, the company said net sales were Rs 5404 million, up from Rs 5149 a year earlier. Operating profit was lower, at Rs 206 million from Rs 372 million year-on-year.

The company said it has total capacity of 410,000 tonnes/year, making it the largest in India and seventh in the world by capacity. The company has announced capacity expansions bringing the nominal capacity to 472,000 tonnes/year. It added that importsfrom China had affected volumes.

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Results statement from Phillips Carbon via BSE