Southern Petrochemical Industries Corporation (SPIC) reported a net loss of Rs 29.18 crore for the fourth quarter of 2023-24, impacted by floods in Tuticorin. Read more.
New Delhi, May 17 (PTI) Southern Petrochemical Industries Corporation(SPIC) on Friday posted a net loss of Rs 29.18 crore for the fourth quarter of 2023-24.
The company had reported a net profit of Rs 23.53 crore a year ago.
Total income fell to Rs 132.46 crore during January-March 2023-24 from Rs Rs 676.34 crore in the same period a year ago, a company statement said.
For full fiscal year 2023-24, SPIC logged a net profit at Rs 87.91 crore as against Rs 284.44 crore profit in the previous year.
Total income dropped to Rs 1,962.16 crore from Rs 2,849.45 crore a year ago.
"Due to heavy rain and flooding in Tuticorin, the company's plant at Tuticorin was shut down for 77 days in the last quarter, which led to reduced turnover and net loss in the quarter," SPIC said.
The company has made claims with insurance companies for the Loss of Profit' and the claims will be recognized on receipt basis, it said.
SPIC Chairman Ashwin Muthiah said the financial results were impacted by various factors, including severe floods in December.
Despite operational challenges, the company's ability to resume and normalize operations in a time-bound manner underscores the operational resilience, he said.
The board has recommended a dividend of Rs 1.50 per share on equity capital.
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