GAINING FROM STATUS: IPCL
Article Abstract:
The net profit of the public sector company, Indian Petrochemicals Corporation Ltd (IPCL) declined by 52 percent to Rs243.69 crore in 1997-98 (Rs510.20 crore in 1996-97). Net sales increased by 7 percent. The decline in profitability is attributed to fall in prices of petrochemicals and increase in operational expenses. IPCL partly commissioned its Gandhar petrochemical project in 1997-98. A captive jetty for import of naphtha has been commissioned. (gs) ------------------------------------------------------------ Financial Performance of Indian Petrochemicals Corporation Ltd (Rs crore) ------------------------------------------------------------ Particulars 1997-98 1996-97 ------------------------------------------------------------ Net Sales 2,982.90 2,785.46 ------------------------------------------------------------ Expenditure 2,325.60 1,917.57 ------------------------------------------------------------ Interest 259.57 204.17 ------------------------------------------------------------ Gross Profit 506.73 741.48 ------------------------------------------------------------ Depreciation 237.35 148.34 ------------------------------------------------------------ Net Profit 243.69 510.20 ------------------------------------------------------------ Earnings per share (Rs) 9.82 20.56 ------------------------------------------------------------
Comment:
Reports decrease in net profit by 52% to Rs243.69 crore in 1997-98, as against Rs510.20 crore in 1996-97
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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IPCL CATCHES ASIAN FLU; NET FALLS 52%
Article Abstract:
The net profit of Indian Petrochemicals Corporation Ltd (IPCL) declined by 52 percent in 1997-98 due to depressed petrochemical prices, general economic slowdown and a 21 percent rise in expenditure. IPCL has declared a 40 percent dividend for its shareholders. (gsh) ------------------------------------------------------------ Financial Results of Indian Petrochemicals Corporation Ltd (Rs in crore) ------------------------------------------------------------ Particulars 1997-98 1996-97 ------------------------------------------------------------ Net Sales 2,982.90 NA ------------------------------------------------------------ Other Income 112.00 NA ------------------------------------------------------------ Expenditure 2,325.60 1,917.57 ------------------------------------------------------------ Gross Profit 509.73 741.48 ------------------------------------------------------------ Net Profit 243.69 510.20 ------------------------------------------------------------
Comment:
Firm's net profit declines by 52% in 1997-98 to Rs243.69 crore
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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IPCL DOES IT BY Rs100 CRORE
Article Abstract:
Analysts claim that Indian Petrochemicals Corporation Ltd has overstated its net profit for 1997-98 by about Rs100 crore. The company had announced a net profit of Rs243 crore for 1997-98 but it is actually supposed to be Rs141 crore after taking auditors qualifications into account. It is claimed that the company has overstated its profits by taking excess credit of Rs26 crore towards sales tax incentives and a lesser provision of Rs23 crore towards bad debts. It has also managed to capitalise about Rs49 crore in interest costs by claiming that Rs300 crore funds mobilised through Series H debentures were meant to finance Gandhar Phase II and not Phase I of the project. (khr)
Comment:
Analysts claim that company has overstated its net profit for 1997-98 by about Rs100 crore
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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