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This is an archive article published on June 9, 1999
Spic net down by 35
CHENNAI, JUNE 8: A C Muthiah group company Southern Petrochemical Industries Corporation Spic today reported a 35 per cent drop in net ...
Written by Press Trust Of India
June 9, 1999 12:00 AM IST
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CHENNAI, JUNE 8: A C Muthiah group company Southern Petrochemical Industries Corporation Spic today reported a 35 per cent drop in net profits at Rs 50.84 crore for 1998-99, despite an increased sales turnover of Rs 2,381.46 crore.
Company officials said Spic8217;s ammonia and urea plants at Tuticorin Tamil Nadu were shut down for routine turnaround maintenance and modernisation between May-July last year and this had an adverse impact on output, sales and profits.
While sales revenue rose to Rs 2,381.46 crore in the last fiscal compared to Rs 2,060.97 crore, net profits were down to Rs 50.84 crore from Rs 78.96 crore in 1997-98, as per audited results of Spic released here.
The company8217;s expenditure rose over 15 per cent compared to Rs 1,873.77 crore posted in the previous fiscal to touch Rs 2,193.21 crore in 1998-99. Interest burden rose from Rs 119.24 crore to Rs 159.81 crore last year, though provision for taxation was lower at Rs 1 crore compared to Rs 4.5 crore a year ago.
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