Ion Exchange India Ltd Quarterly profit up at Rs.1.43 Crores

Ion Exchange India Ltd has announced the UnAudited Financial Results for the quarter ended June 30, 2007.

The Company has posted a profit after taxes of Rs.14.3 million for the quarter ended June 30, 2007 where as the same was at Rs.4.4 million for the quarter ended June 30, 2006. Total Income is Rs.933.7 million for the quarter ended June 30, 2007 where as the same was at Rs.648 million for the quarter ended June 30, 2006.

The company reported an Earnings Per Share (EPS) of Rs.1.19 for Quarter ended June 30, 2007 compared to Rs.0.39 reported during Quarter ended June 30, 2006.

The Company has invested Rs 5.460 million and extended advances or Rs 133.532 million to Ion Exchange Enviro Farms Ltd. (IEEFL), a subsidiary company whose accumulated loss exceed its paid up share capital and where the amount or provision required in respect of possible loss, if any, is presently not ascertainable. The Company views its investment in IEEFL as strategic in nature. IEEFL has undertaken various cost reduction programs and it expects bettor returns in the coming years from its organic farming activities, bio-pesticides and bio-fertilizers marketing. Moreover, IEEFL has adequate assets in form of developed and undeveloped land and office premises. In view of the foregoing, the Management is of the opinion, that there is no diminution other than temporary in value of investment and the advances are recoverable. Hence, presently no provision is considered necessary.

Source : Equity Bulls

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