Chemanex said it sold a 46 percent stake in Crop Management Services (Pvt) Ltd, which had a carrying value of 16.9 million rupees. It was set off against retained earnings and not the current year profits.
Group revenues (re-stated) fell 7 percent to 931 million rupees and cost of sales rose 5 percent to 776 million rupees, narrowing gross profit 17 percent to 154 million rupees.
Group profits were helped by a 42 percent rise in non-operating income to 91 million rupees. Other income included 38 million rupees in foreign exchange gains.
The firm said it provided 25 million rupees for falls in values of investments.
Group revenues from chemicals fell to 514 million rupees in the year to March 2012 from 630 million a year earlier and the firm lost 12.7 million from the business. Paint revenues rose to 220 million rupees from 191 and profits increased to 9.4 million rupees from 5.4.Sales of liners fell to 51 million rupees from 102 million rupees and losses rose to 31 million rupees from 10.5 million rupees.
But revenues from consumer segment rose to 78 million rupees from 22 million and gross profits also rose to 6.6 million rupees from 1.6 million.
The company's domestic sales rose to 682 million rupees from 568 million rupees a year earlier, bringing in 34 million rupees of gross profits. Export revenues fell to 265 million rupees from 457 million rupees, generating losses of 66 million rupees.
