Television

Essel Propack Q1 net up 9 per cent

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MUMBAI: Essel Propack has reported a 9 per cent jump in consolidated net profit at Rs 196 million for the first quarter ended 31 March 2005, up from RS 180 million a year ago.

According to an official release, the total income increased from RS 1,526 million in Q1-2004 to RS 1,911 million for the quarter ended 31 March 2005.

Essel Propack, on a stand-alone basis, has recorded a net profit of RS 115 million for the quarter ended 31 March as compared to RS 117 million a year ago. Total income has increased from RS 578 million in Q1-2004 to RS 640 million for the quarter ended 31 March 2005.

In an official release, Essel Propack attributes the growth recorded in global revenues to its improved performance in the major markets of USA and China, coupled with the increased turnover from Arista Tubes, UK, the plastic tubes manufacturing company acquired in August 2004.

Announcing the first quarter results, Essel Propack VC and MD Ashok Goel said, "The trend of increased share of overseas operations to our consolidated revenues will continue. The recent commencement of commercial production at our Russian plant is a significant step towards our future growth. The growth in USA has surpassed our expectations and holds further promise in the coming period."

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