• PAGE ONE
• INDEX
• HOME

Hind Lever Chem net down 41.19 pc

Our Bureau

MUMBAI, Feb. 21

HIND Lever Chemicals Ltd, a subsidiary of Hindustan Lever Ltd, has registered a 41.19-per cent drop in net profit at Rs 31.56 crore for the year ended December 31, 2000 over Rs 53.67 crore recorded in the year-ago period.

The decrease in profit has been attributed to a substantial decline in traded volumes.

Net sales of the company also fell to Rs 1,095.75 crore from Rs 1,475.60 crore in the previous year mainly due to a ``planned reduction of traded DAP, which had become unviable due to unremunerative policy on price concessions.''

A dividend of Rs 13.50 per share has been proposed by the board for the year ended December 31, 2000.

Other income decreased to Rs 2 lakh (Rs 1.63 crore).

According to the company, interest expenditure increased to Rs 17.52 crore (Rs 4.84 crore) on account of high amounts of price concessions pending with and receivable from the Government.

Total expenditure also decreased to Rs 1,033.23 crore (Rs 1401.11 crore) and depreciation stood at Rs 8.59 crore (Rs 6.86 crore).

The provision for taxation stood at Rs 60 lakh (Rs 10.75 crore).

According to a release, the STPP business has made a substantial contribution to the company's operations.

Sales of self-manufactured fertilisers have grown by 65 per cent following the improved capacity utilisation of the new DAP/NPK and SSP plants. NPK fertilisers, which were launched in 1999 increased by 140 per cent.