Supreme Petrochem Ltd - Net Profit At `31.37 Crores For The Year 11-12 Net Revenues For The Year At `2272.67 Crores

Online, July 18, 2012 (Newswire.com) - Supreme Petrochem Ltd (SPL) a Styrenics major and the largest polystyrene producer in India has reported net revenues of `2272.67 crores for the year ended June 30, 2012 as compared to `1943.49 crores in the preceding year. Net profit was `31.37 crores for 2011-12 as compared to `87.69 crores for 2010-11.
The Board of Directors of the Company in its meeting held on July 18, 2012 have recommended a Dividend of `1.40 per equity share of `10/- each for the year 2011-12.
SPL's operations during the year suffered on account of fall in export sales due to overall down turn in various regions of the global economy compounded by continuing disturbances in many countries in Gulf region and ongoing debt crises in Europe, continuing depreciation in the value of Rupee in parity to US Dollar and wide fluctuation in all major raw material prices. These factors not only increased the cost but also resulted in lower volume sales in particular to the price sensitive sectors thus putting pressure on the margins of the Company.

The new plants for Expandable Polystyrene (including Cup Grade EPS) commenced commercial production from February, 2012. SPL's total installed capacity for EPS thus stands at 72,100 TPA considering its plant sites in Maharashtra and Tamil Nadu and is the largest in the country.

The debottlenecking of the existing Polystyrene lines to increase the production capacity of premium value added grades by 50000 TPA within the overall capacity of 272000 TPA is progressing as per schedule and is likely to be completed by the quarter ended December 31, 2012. The Polystyrene plant will be partially shut down in the first phase for three weeks from July 21, 2012 for this purpose, however the Company will continue to service its customers.

The environment clearance for the 4000 KVA Captive Gas Engine Power plant has been received. Consent to operate is awaited from Maharashtra Pollution Control Board. The plant is expected to start by September 2012.

About Supreme Petrochem Ltd.

Supreme Petrochem Ltd has been jointly promoted by Supreme Industries Ltd, India's largest plastic processors, and the Rajan Raheja Group. The Company besides being the largest producer of Polystyrene (PS) and Expandable Polystyrene (EPS) in India with installed capacities of 2,72,000 TPA and 72,100 TPA respectively, are the sole domestic producers of Cup Grade EPS and Extruded Polystyrene Insulation Board (XPS). It is also a leading producer of Speciality Polymers and Compounds including Masterbatches for the automotive, consumer durables and other plastics industry in the country.