Coromandel net down 13.7%

City-based fertiliser company Coromandel International Limited reported a 13.7 per cent decline in consolidated net profit to Rs 130.63 crore for the quarter ended December 31, 2011, as compared with Rs 150.45 crore in the same period last year.

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The company's total income for the quarter grew 24.5 per cent to Rs 2,561.28 crore from Rs 2,056.98 crore. However, a sharp rise in expenditure neutralised the impact of growth in total income for the period. Expenditure increased 26.77 per cent to Rs 2,330.16 crore over Rs 1,838.16 crore in the same quarter last year.

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The board of directors, which met here on Monday to approve the results, also approved an interim dividend of 400 per cent -- Rs 4 per share of Re 1 face value. The board also approved a proposal to issue unsecured redeemable non-convertible fully paid bonus debentures of Rs 15 each for every equity share from the general reserve.

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