AC Muthiah is new Spic chairman

For nine months ended December 31, 1999, Spic’s turnover rose marginally by 2.42 per cent to Rs 2,040.87 crore from Rs 1,992.59 crore in the previous nine months of last year.

Interest for the nine months was up by 14.7 per cent at Rs 1,351 crore against Rs 1,176.84 crore in the corresponding period of the previous year. Depreciation is higher at Rs 42.25 crore (Rs 36.53 crore).

After nil provision for taxation, net profit for nine months ended December 31, 1999 is put at Rs 28.55 crore, down by 14.26 per cent from Rs 33.30 crore reported in the previous corresponding period.

According to Spic’s finance director M G Thirunavukkarasu, the fertiliser industry is seasonal in nature and so profitability depends on internal and external factors. “Operating profit for the quarter has improved (Rs 67.21 crore, up from Rs 57.19 crore in corresponding quarter of last year). However interest has gone up on account of interest on loans taken for major modernisation at Tuticorin plant and Heavy Chemicals Division near Manali. For the year as a whole, we expect to improve our performance and post better results,” a Spic spokesman said.