India: SRF closes NTC fabric manufacturing operations in Dubai

Company Performance

India: SRF closes NTC fabric manufacturing operations in Dubai

The Board of Directors of SRF Overseas Ltd (a wholly owned subsidiary of SRF Ltd) has decided to close its manufacturing operations in Jebel Ali Free Zone, Dubai, due to sustained downturn in the European market and high fixed costs.
The plant and machinery of SRF Overseas Ltd in Jebel Ali Free Zone, Dubai would be relocated to one of the units of SRF Limited In India subject to necessary approvals, the company informed.

Apart from Technical Textiles Business, in which it enjoys a global leadership position, SRF is a domestic leader in refrigerants, engineering plastics and industrial yarns as well. The company enjoys a significant presence among the key domestic manufacturers of polyester films and fluoro specialities

SRF Ltd has reported a 100% growth in net profit after tax (PAT) at Rs 440 million during the first quarter of 2013-14. The company’s net sales during the quarter marginally improved to Rs 8.19 billion, as against Rs 8.10 billion, during the corresponding period of the last financial year.

The company’s Technical Textile Business recorded a marginal growth in segment revenue from Rs 4.29 billion to Rs 4.36 billion, during the period. Operating profit increased 11% from Rs 350 million to Rs 380 million.

The segment revenue of the Chemicals and Polymers Business grew 6% to Rs 2.3 billion, but operating profit declined by 19% from Rs 650 million to Rs 530 million, during the period.