The Hindu Business Line : Drought-hit Aventis Crop posts Rs 1.1-cr loss

SEVERE droughts conditions have affected the quarterly performance of Aventis CropScience India Ltd as it posted a net loss of Rs 1.11 crore for the quarter ended December 31, 2002 compared to net profit of Rs 4.13 crore for the corresponding quarter period last year.

Total income has decreased to Rs 61.38 crore (Rs 1,19.07 crore). Net sales were at Rs 57.43 crore. Other income was at Rs 3.95 crore. Total expenditure was at Rs 59.71 crore. Interest was at Rs 2.5 crore and depreciation was at Rs 1.49 crore and provision for taxation was at Rs 1.21 crore.

The board has recommended a dividend of 20 per cent (Rs 2 per equity share of Rs 10 each) for the year ended December 31, 2002.

For the year ended December 31, 2002, the company posted a net profit of Rs 14.52 crore compared to net profit of Rs 31.11 crore for the year ended December 31, 2001. Total income decreased to Rs 316.45 crore (Rs 435.97 crore).

According to the company, severe drought conditions in the northern, western and southern parts of India, during kharif and rabi seasons have resulted in a large reduction in the planted areas of key crops like cotton and rice. "For example, cotton planted area in the North, where the company has a significant presence, decreased by 30 per cent," the company said citing reasons for the loss.

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