Mumbai: Finolex Cables Limited (FCL), an ISO 9001/ISO 14001 company, has declared its results for the first quarter ending June 30, 2004. Net sales are up 19.3 per cent to Rs 1332.3 million, from Rs 1116.5 million for the corresponding quarter of the previous year. Net profit dropped to Rs 67.9 million from Rs 97.9 million in the corresponding period in the previous year.

DK Chhabria, managing director, FCL, while commenting on the results of the company said, "The rising copper prices on the London Metal Exchange have settled, creating stability in sales of electrical wires. Communication cables'' performance has improved, registering growth in sales. The profitability has been impacted due to external factors. The Budget has been favourable for us. It has laid thrust on boosting investment in the core sectors of the economy. It has promised to introduce value added tax. This augurs very well for our business."

In the first quarter, FCL launched CAT 6 + UTP Lan Cable in its Optinet range. It is a 500 Mhz cable, which has a higher bandwidth, headroom and speed. The cable and components are UL listed and verified.