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Hind Lever Chem net profit declines to Rs 3.99 crore

MUMBAI: Hind Lever Chemicals Ltd (HLCL) has registered a decline in net profit to Rs 3.99 crore for the quarter ended March 31, 2001 from Rs 8.19 crore in the same period the previous year.

Net sales were Rs 218.93 crore (Rs 231.55 crore). Other income amounted to Rs one crore, an official statement said here.

Total expenditure was Rs 206.95 crore (Rs 219.43 crore).

Interest amounted to Rs 6.42 crore (Rs 4.85 crore), depreciation touched Rs 2.23 crore (Rs 2.10 crore) and provision for tax, Rs 35 lakh (Rs 2.05 crore).

HLCL has attributed the higher interest to high amounts of price concessions pending with the Government due to which working capital requirement was more.

Sale of HLCL's own manufactured fertilisers showed a growth of 72 per cent during the quarter. Total sales, however, dipped marginally, compared to the previous corresponding period, mainly due to suspension of imported DAP trading operations, which had become unviable due to unremunerative Government subsidy policy on imports, the statement said.

Turnover of the bulk chemicals business rose by seven per cent.

``State certification of subsidy is pending in Bihar since October 1998. It is essential that the State Government takes this as a priority issue and completes the required certification without any further delay,'' the statement said.

It further informed that it has been decided ``to allow the financial year i.e., April 1 to March 31 as accounting year for the company. The current accounting year will therefore be 15 months ending March 31, 2002.''