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June 5, 2001
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Money > Business Headlines > Report June 5, 2001 |
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Sabras merger helps boost Tata Chem netBS Corporate Bureau Tata Chemicals has posted a net profit of Rs 1.65 billion for 2000-2001 as against Rs 1.17 billion last year. This is on the back of other income of Rs 2.20 billion from interest earnings following its merger with Sabras Investment, a wholly-owned subsidiary. Had it not been for the merger with Sabras, Tata Chemicals would have posted a loss in the 2000-01 fiscal. The company's net sales has been lower at Rs 15.02 billion, compared to Rs 15.41 billion last year. Tata Chemicals managing director Prasad Menon attributed the lower sales to pressure from cheap Chinese imports of soda ash, the drought and earthquake in Gujarat and the fire at its Mithapur unit. The company has claimed over Rs 1 billion from insurance companies in lieu of the revenue loss and damaged assets due to the fire. The merger with Sabras Investments has been a shot in the arm for the company as it held a large chunk of the Tata Group's holding in ACC.
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