Textile grade polyester chips producer JBF Industries Ltd has announced a net profit of Rs 10 crores for the period second quarter ended September 2005 as against a net profit of Rs 8.06 in the corresponding quarter of the previous fiscal.
Profit before tax has gone up by 21.7 percent from Rs 14.80 crores to Rs 18.01 crores. Interest charges decreased to Rs 2.70 crores for the quarter ending September 2005 as compared to Rs 3.99 crores in the corresponding period in the previous year.
The increase in Net profit has come inspite of a reduction on net turnover from Rs 228.37 crores in the previous year to Rs 208.74 crores for the Q2 period. The turnover has reduced to decrease in prices. The company has run on over 95 percent capacity through the year.
As approved by the shareholders in the Extra Ordinary General Meeting held on 31st May, 2005, during the half year ended on 30th September, 2005, the Company has issued 1,55,28,600 Equity Shares of Rs. 10 each at a premium of Rs. 36.50 per shares on preferential basis. As a result the Issued, Subscribed & Paid Up Equity Share Capital of the Company has increased by Rs. 15.53 Crores and Share Premium by Rs. 56.68 Crores.
The Company has entered into Joint Venture Agreement with Ras Al Khaimah Investment Authority (RAKIA), as approved by the shareholder's in their EGM held on 10th September, 2005.for setting up a world scale PET Polymer Resins Plant in the Emirate of Ras Al Khaimah.
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