The board of directors of Cosmo Films, one of the leading global speciality firms manufact- uring biaxially-oriented polypropylene (BOPP) at its meeting held at New Delhi approved the accounts of the company for the first quarter ended 30 June 2015. The board also approved BOPP capacity expansion of 60,000 tonnes per annum which shall be commissi- oned by early 2017.
The company’s profit after tax (PAT) rose by an impressive 372% for the quarter to `18 crore from `4 crore in the corresponding period last year. Cosmo Films has also registered 74% increase in EBITDA for the period to `48 crore from `28 crore in the corresponding quarter last year. Cosmo Films’ total revenues for the period was `409 crore compared to `443 crore in the corresponding period of the last year mainly on account of fall in raw material prices and in turn sale prices.
Commenting on the company’s quarter results performance, Pankaj Poddar, CEO, Cosmo Films, said, “We attribute this quarter’s performance to our constant focus on high margin specialty products, overall improvement in BOPP films demand and our efforts to rationalize costs and improve efficiencies. We anticipate continued strong demand for BOPP films in coming years and as part of this belief, we intend to expand our BOPP production capacity over the next few years to support the company’s growth plans.”
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