SPIC Reports Lower Q1 Loss

Chennai, July 29: | Updated: Jul 30 2003, 05:30am hrs
Southern Petrochemicals Industries Corporation (SPIC) has reported a net loss of Rs 13.31 crore for the first quarter ended June against Rs 28.64 crore during the same period last year, a decline of 53 per cent. Sales fell 19 per cent to Rs 267.28 crore (Rs 322.39 crore).

The sales performance of the company will improve with the implementation of the corporate debt restructuring package and the onset of monsoon in the command area. The results of the cost control efforts, debt restructuring and better marketing will then become evident, said managing director Babu K Verghese.

Total expenditure was at Rs 226.79 crore (Rs 289.73 crore). Interest charges were lower at Rs 45.53 crore (Rs 53.33 crore).