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Friday, Apr 04, 2003

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Chennai port's net surplus to dip by Rs 23 cr

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CHENNAI, April 2

THE Chennai Port Trust's (ChPT) approximate net surplus would come down to Rs 54.63 crore for the fiscal year ending March 31, 2003 compared to Rs 77.91 crore the previous year.

The approximate total income of the port trust for 2002-03 would be Rs 420.80 crore (Rs 524.55 crore), while total expenditure would be Rs 366.17 crore (Rs 446.64 crore), the ChPT Chairman, Mr P. Baskaradoss, told newspersons. The reduction in surplus was mainly due to shifting of about seven tonnes of thermal coal to Ennore last year, he added.

According to Mr P.C. Parida, ChPT's Financial Adviser and Chief Accounts Officer, the loss of thermal coal and a general pay revision in 2001-02 had had a significant impact on the port trust's financials.

The reduction of interest rates by the banks by around four per cent in the last year also affected its income. (ChPT has about Rs 300 crore as deposits in various nationalised banks.)

Further, ChPT's interest income from Ennore Port Ltd reduced to 10.5 per cent compared to 14 per cent a year ago. It had invested Rs 484 crore in Ennore Port, of which Rs 100 crore was equity and the rest was loan.

Mr Parida said that after ChPT came into the Income-Tax fold recently, it diverted Rs 1,200 crore to the Provident Fund from the Rs 1,400 crore general reserves.

He also said that revenue from Chennai Petroleum Corporation Ltd (CPCL) and from Chennai Container Terminal Ltd would fetch the port trust Rs 80 crore as royalty and Rs 20 crore per annum respectively.

The port trust would also earn about Rs 40 crore from marine-related activities for handling vessels of the two captive customers, he added.

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