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By Our Corporate Reporter
CHENNAI, MAY 1. Southern Petrochemical Industries Corporation is in the process of restructuring its debt under the corporate debt restructuring (CDR) scheme. The company has executed necessary documents with the consortium of participating lenders for implementation of the CDR package. Pending execution of documents with other lenders constituting about 20 per cent of the debt restructured, the company has considered an interest concession of Rs. 60.56 crores in its unaudited accounts for the year ended March 31, 2004. The company expects the CDR package to be implemented by other participating lenders shortly. Pursuant to the corporate debt restructuring package, the promoters have also pumped in a sum of Rs. 19.60 crores out of an amount of Rs. 20 crores to be brought in as equity contribution at par. The company hopes to do well in the current year with an improvement in production and the likely demand for fertilizers because of satisfactory monsoon. In the fourth quarter ended March 31, 2004, the company has reported sales and income from operations of Rs. 384.21 crores against Rs. 541.19 crores in the same period in the previous year. It has achieved a net profit of Rs. 98.69 crores against a net loss of Rs. 302.64 crores in the year-ago period. In the 12 months ended March 31, 2004 sales and income from operations stood at Rs. 1,495.80 crores against Rs. 1,632.48 crores while the net loss was reduced to Rs. 25.69 crores (and not Rs. 255.69 crores as reported in these columns on Saturday) from Rs. 375.69 crores in the previous year.
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