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SPIC posts lower Q3 loss on `debt restructure'

Our Bureau

CHENNAI, Jan 30

SOUTHERN Petrochemical Industries Corporation (SPIC) has reported a lower net loss for the third quarter of the current year.

The company made a net loss of Rs 31.97 crore, as compared to a net loss of Rs 49.56 crore for the quarter ended December 2002. Lower interest charges, due to the `debt restructure' was mainly responsible for the better results. Interest charges amounted to Rs 39.50 crore (Rs 54.16 crore). Turnover was also lower at Rs 395.99 crore (Rs 445.11 crore).

Profits from the fertilisers business stood reduced at Rs 12.03 crore (Rs 47.08 crore).

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