Everest Kanto Cylinder, a developer and producer of industrial and CNG cylinders, has reported a solid rise in standalone net profit for the quarter ended September 2008.

During the quarter, company profits rose 56.73% to Rs 211.90m from Rs 135.20m in the same quarter previous year.

Net sales for the quarter rose 37.38% to Rs 1,078.40m, while total income for the quarter rose 36.09% to Rs 1,112.80m, when compared with the prior year period.

The company posted earnings of Rs 2.09 a share during the quarter, registering 50.36% growth over previous year period.

During the quarter, Interest cost decreased 46.57% to Rs 10.90m while depreciation cost rose 28.53% to Rs 48.20m over previous year period.