Phillips Carbon Black net profit rises four-fold

Kolkata, Aug 18 (IANS) Phillips Carbon Black, an RP-Sanjiv Goenka Group company, on Thursday reported a four-fold rise in its net profit to Rs 12.02 crore in the quarter ended June 30, compared with Rs 2.99 crore in the corresponding period last year.

Its net sales in the quarter under review dropped to Rs 478.22 crore as against Rs 533.53 crore in the year-ago period.

"The downsized sales revenue is because of lower product pricing following fall in crude oil price," a company statement said.

In terms of volume growth, it reported 14 per cent growth compared with the same period last year.

Its operating profit stood at Rs 68 crore for the first quarter of FY 16-17, a 42 per cent rise over corresponding quarter last year.