IG Petrochemicals’ Q1 net profit declines 60%

IG Petrochemicals has reported unaudited results for the first quarter ended June 30, 2011.

The company’s net profit for the quarter ended June 30, 2011 has declined by 59.60% at Rs 2.04 crore as compared to Rs 5.05 crore for the corresponding quarter last year. Its total income has grown by 18.60% at Rs 195.29 crore for the quarter under review from Rs 164.66 crore for the same quarter last year.

IG Petrochemicals is a dominant player in the domestic Phthalic Anhydride (PAN) industry. IGPL has its manufacturing facilities located at Taloja, Maharashtra with an installed capacity of 1,16,110 metric tonnes per annum (mtpa) as on March 31, 2011.