Ashapura Minechem announces Q1 results

Mumbai: Ashapura Minechem, the largest mine owner, processor and exporter of industrial minerals in India, has posted an impressive net profit of Rs4 crore for the first quarter ended June 30, 2004, an increase of 168.45 per cent as compared to Rs1.49 crore for the corresponding period ended June 30, 2003. The company's turnover rose to Rs149.94 crore as compared to Rs48.17 crore (net sales / income from operations) from the corresponding period the previous year.

Earnings per share (EPS) for the quarter were Rs6.27 up from Rs2.34.

On a consolidated basis, Ashapura Group's net profit for the year ended March 31, 2004 increased by 85.13 per cent to Rs9.46 crore compared to Rs5.11 crore of the previous year. The consolidated net profit (unaudited) for the first quarter ended stood at Rs5.25 crore.

Commenting on the performance of the company, Chetan Shah, managing director, said, "Impressive increase in the company's bottom line was mainly due to higher volume of exports as well as better margins. On the current reckoning, the company is fully confident of maintaining and improving upon the current levels of performance and the outlook for the financial year appears promising."

The company has continued to offer value-added products to its customers and would strive for further excellence in the coming months, Shah added.