FACT posts Q4 turnaround

Fertilisers And Chemicals Travancore Ltd (FACT), a government of India enterprise, saw a return to profitability in the fourth quarter of fiscal 2012, posting a net profit after tax of Rs 38.24 crore, compared with a net loss of Rs 35.24 crore in the corresponding period a year earlier.

Net sales in the fourth quarter that ended on March 31, 2012 increased 20% year-on-year to Rs 803 crore from 671 crore earlier, the company said on May 29.

There was a marginal fall in the sales of Factamfos in the fourth quarter compared to last year, but sales of urea, gypsum, FACT organic and bio-fertilizer registered impressive growth. Total urea (imported) sales touched 56,028 tonnes.

During the fiscal 2012, FACT registered a net profit after tax of Rs 23.82 crore (unaudited) as against losses of Rs 49 crore suffered in the previous year. The fertilizer maker's annual sales turnover was up by 18% to Rs 2,898 crore compared to the previous year's figure of Rs 2,462 crore. This was despite unexpected setbacks at the company's ammonia plant during the fourth quarter, owing to which production and financial performance were substantially affected for nearly two months, the company said.

Sales of gypsum were at an all-time high of 6,95,367 tonnes in fiscal 2012 as against 4,54,587 tonnes a year ago.

FACT also won laurels in the maintenance of overall safety standards by winning several safety awards instituted by the Department of Factories and Boilers and National Safety Council.