Ion Exchange India said that the company has been selected by Sri Lanka Water Board to execute water supply project worth USD 194 million. EXIM Bank will extend Buyer's credit facility under GOI's National Export Insurance Account (BC-NEA) programme for this project.
Formal contract and loan agreement is expected to be signed shortly and the execution of the project will start thereafter.
The company saw a steep drop in standalone net profit for the quarter ended June 2014. During the quarter, the profit of the company declined 31.35% to Rs 28.90 million from Rs 42.10 million in the same quarter last year.
Net sales for the quarter declined 20.15% to Rs 1,239 million, compared with Rs 1,551.60 million for the prior year period. Earnings per share for the quarter stood at Rs 1.97, registering 31.36% decline over previous year period.
