The Hindu Business Line : TPL Q4 net profit at Rs 20.15 cr

TAMILNADU Petroproducts Ltd (TPL) has reported a net profit of Rs 20.15 crore on sales of Rs 197.27 crore for the quarter ended March 31, against a loss of Rs 13 lakh on sales of Rs 188.40 crore for the same period last year.

The company attributed the improved performance to a healthy demand and improved margins of LAB and bullish market for caustic soda and epichlorohydrin.

For the year ended March 31, TPL's net profit was Rs 11.82 crore on sales of Rs 830.33 crore against a profit of Rs 22.21 crore on sales of Rs 754.10 crore for the previous year. Interest charges for the year were down to Rs 26.97 crore from Rs 34.93 crore. The board has recommended a dividend of 10 per cent.

According to a company press release, the debt refinance exercise started in the second half of 2004-05 was completed in the fourth quarter.

The notes to the accounts mention a move to revive the 500- MW coal-based power project of SPIC Electric Corporation Pvt Ltd. TPL has invested Rs 27.64 crore in the project from 1995 to 2003. The auditors' report has said that no provision has been made for permanent diminution in value of this investment.

In response, the company has said that TPL has entered into a memorandum of understanding "with a party which provides for submission of a detailed technical specification and cost structure of the engineering, procurement, construction, erection and commissioning of the complete project and to develop a plan of finance for the project to achieve early financial closure."

In view of these developments, the management is hopeful of making progress in the project and hence does not consider it necessary to provide for permanent diminution in value of its investment, it said. (The coal-based power project was to come up at Tuticorin.

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