Financial Daily from THE HINDU group of publications
Wednesday, Dec 21, 2005
Financial Daily from THE HINDU group of publications Wednesday, Dec 21, 2005 |
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Corporate
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Outlook IBP hopeful of turnaround Pratim Ranjan Bose
Kolkata , Dec. 20 HAVING registered a Rs 397-crore loss in the first half, IBP Ltd is hopeful of ending 2005-06 with marginal net profit. The company also expects its proposed merger with IOC to be over by the first quarter of next year. Dr N.G. Kannan, Managing Director of IBP (and director marketing of IOC), told Business Line that though the company was now generating positive margins out of its sale of motor spirit (MS) and diesel (HSD), it might not be possible to make profits in the third quarter due to continuing losses on sale of LPG and subsidised kerosene. "However, we are expecting a turnaround in fourth quarter so as to end the fiscal in a positive note due to combined impact of oil bonds, which are due to be issued in two tranches, and the margins generated on sale of MS and HSD." Dr Kannan said that the company's kerosene business would be transferred to the parent IOC by March 2006. On the proposed merger, he said that the IOC-IBP authorities had presented their case in favour of the merger to the committee of secretaries last week. The committee had also given some suggestions on the issue. "The merger process is very much on. We are now waiting for the final approval from the Government following, which we have to adopt the usual course of procedures, including EGM, shareholders meeting, approval from the company law board and so on."
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