MUMBAI, Nov 7: Gujarat State Fertilizers & Chemicals Ltd (GSFC) has posted a 25.89 per cent increase in net profit to Rs 84.79 crore during the first half of the current financial year from Rs 67.35 crore in the corresponding period last year. Turnover of the company rose 17.48 per cent to Rs 1,129 crore during the period as against Rs 961 crore last year.

Operating profit margins dropped to 14.18 per cent from 16.99 per cent in the same period last year. Net profit margins increased marginally to 7.5 per cent from 7 per cent in the previous year.

Interest costs dropped to Rs 56.82 crore from Rs 74.34 crore in the same period last year. Gross profit of the company increased to Rs 128.13 crore from Rs 110.61 crore. Depreciation was the same at over Rs 33 crore.

Provision for taxation during the period was Rs 9.9 crore.

According to a company release, the plants at Fertilizernagar unit were operated at lower capacity for a few days in September this year due to pollution constraints and its effect on the first half performance was marginal.

The company added that it has been permitted by the high court to operate all the plants at capacity level except phosphatic group of plants which can operate at 60 per cent of the capacity.

The company commissioned the 10,000 tpa capacity melamine expansion plant during September. The ammonia expansion plant is expected to go on stream towards the end of the current financial year, it said.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.