Mumbai, Aug 01: Hit by rise in raw material prices, Finolex Industries Ltd has posted a steep drop in its net profit at Rs 11.56 crore for the first quarter ended June 30, 2003 as against Rs 43.77 crore in the same period last fiscal. The income for the reporting quarter rose marginally at Rs 227.22 crore as compared to Rs 213.17 crore in April-June 2002, the company said in a release here.
The performance in the Q1 of the current fiscal was affected by the steep rise in raw material prices on account of Iraq war and the dampening of the finished product prices due to SARS disease in China and other countries, it added. Bureau Report