MANALI PETRO IN RED AGAIN WITH Rs7.8-CR LOSS
Article Abstract:
Manali Petrochemical Ltd (MPL), promoted by SPIC, has reported a net loss of Rs7.79 crore for the year ended March 31, 1998 compared to a net profit of Rs3.36 crore in 1996-97. Its sales decreased to Rs88 crore from Rs117.59 crore. Its interest charges decreased to Rs3.31 crore from Rs4.81 crore. Its depreciation increased to Rs5.48 crore from Rs5.44 crore. The company's bottomline has been adversely affected due to the decline in international prices of petrochemicals and the reduction in import tariff. MPL has a paid-up equity share capital of Rs66.08 crore. (khr)
Comment:
Posts net loss of Rs7.79 crore for the year ended 3/31/98 compared to net profit of Rs3.36 crore in 1996-97
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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GAIL'S Rs2,600-CR PETROCHEM PROJECT IN UP HANGS FIRE
Article Abstract:
The Gas Authority of India Limited (GAIL) started its petrochemicals project in Uttar Pradesh in 1990 at an estimated cost of Rs2,600 crore. The project cost has escalated to Rs4,200 crore now. The project is likely to become operational in one year. GAIL's Rs8,000 crore expansion plans are delayed. It is incurring an expenditure of Rs5 crore for landscaping the golf course. About 1,400 acres of agricultural land has been acquired for the project and the affected people are agitating for compensation and employment. (rk)
Comment:
Reports that cost of petrochemicals project in Uttar Pradesh, India, rises from Rs2,600 crore in 1990 to Rs4,200 crore in 1998
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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SPIC PRESENTS PLAN TO MERGE MANALI PETROCHEM, SORL
Article Abstract:
Southern Petrochemical Industries Corporation (Spic) has proposed to the financial institutions (FIs) the merger of Manali Petrochemical Ltd and Spic Organics Ltd (SORL). Both the group companies manufacture polyol and glycol. Spic plans to get the clearance from the management boards of the 2 companies, after the FIs clear the proposal. The merged entity is expected to perform better as polyurethane has many applications. (rk)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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