Tata Chemicals posts $44 mn second quarter net profit

October 30th, 2008 - 6:41 pm ICT by IANS  

New Delhi, Oct 30 (IANS) Tata Chemicals Ltd. has posted a net profit after tax of Rs.2,158.00 million ($44 million) for the quarter ended Sep 30, 2008 against Rs.1,425.50 million for the corresponding quarter last fiscal. Total Income was Rs.36,447.10 million for the quarter as against Rs.13,090.90 million for the corresponding quarter last fiscal.

However, the company said the results for the quarter ended Sep 30, 2008 are not comparable with the corresponding quarter of the previous year as these accounts include:

i) Interest of Rs.270.8 million on the External Commercial Borrowings (ECB) of $475 million to part finance the acquisition of General Chemicals Industrial Products Inc. (GCIP) completed on March 27, 2008.

ii) The notional exchange loss of Rs.1.67 billion on the aforesaid loan, restated at the exchange rate prevailing as on September 30, 2008 in accordance with Accounting Standard 11.

The repayment of the loan commences in June 2012.

The company posted consolidated profit of Rs.2,777.00 million for the quarter ended Sep 30, 2008 against Rs.2,082.20 million for the last fiscal.

Total income was Rs.46,755.60 million for the quarter ended Sep 30, 2008 against Rs.17,776.90 million for the quarter ended Sep 30, 2007.

The results for the quarter ended Sep 30, 2008 are not comparable with the corresponding quarter of the previous year as these accounts include:

i) The profit after tax of Rs.442.8 million in respect of the operations of General Chemicals Industrial Products Inc (GCIP), a US based company, acquired by Tata Chemicals Ltd on March 27, 2008.

ii) Interest of Rs.270.8 million on the ECB of $475 million to part finance the acquisition of General Chemicals Industrial Products Inc. (GCIP) completed on March 27, 2008.

iii) The notional exchange loss of Rs.1.67 billion on the aforesaid loan, restated at the exchange rate prevailing as on September 30, 2008 in accordance with Accounting Standard 11.

It may be noted that the repayment of the aforesaid loan commences only in June, 2012.

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