From correspondents in Maharashtra, India, 10:31 AM IST

Supreme Petrochem Ltd, the largest polystyrene producer in India has reported a Net profit of Rs. 22.57 crores for the year ended June 30, 2008, as compared to Rs. 33.25 crores for the corresponding year in 2007. Net revenues for the year 07-08 stood at Rs. 1481.27 crores as compared to Rs. 1494.84 crores in the preceding year.

The Board of Directors of the Company in its meeting held on 21st August, 2008 have recommended a Dividend of 10% for the year 2007-08

The notional foreign exchange translation loss for the year 2007-08 amounting to Rs.13.71 crores (previous year gain of Rs.5.19 crores) contributed in decline profit.

Project updates:

Implementation of Extruded Polystyrene Foam (XPS) facility with a capacity of 5000 TPA is under progress and will go on stream in the last quarter of 2008. The expansion of Compounding line to 25,000 TPA will be completed by the 3rd quarter of the year 2008. The 1st phase of 9,300 EPS facility at Chennai has been commissioned and phase II with a capacity upto 20,000 TPA is likely to be commissioned in the last quarter of this year.

Source: Press Release Distribution via India PRwire