09 July 2001 00:00 [Source: ACN]
Indian Acrylics and Pasupati Acrylon incurred losses in the financial year ended 31 March 2001.
A major reason for the losses is the increase in the costs of raw materials such as acrylonitrile and methyl acrylate, without a corresponding increase in the price of the finished products, the Indian acrylic fibre players said.
Indian Acrylics incurred a net loss of Rs465.29m (US$9.91m) in the financial year 2000-01, compared with a net profit of Rs4.66m in the previous year. It also suffered an operating loss of Rs48.17m in the financial year 2000-01, compared with an operating profit of Rs538.7m in the previous year.
The net sales of the company declined to Rs2.3bn from Rs2.5bn in the same period.
Pasupati Acrylon reported an increase in net loss to Rs312.6m in the financial year 2000-01, from Rs27.5m the previous year. The company's operating profit declined from Rs430.5m to Rs8.6m and its net sales fell from Rs2bn to Rs1.9bn.
Indian Acrylics' raw material costs increased from Rs1.4bn to Rs1.8bn. Pasupati Acrylon's feedstock costs rose from Rs885.7m to Rs1.5bn.
The companies performed badly despite the protection granted through four different categories of antidumping duties levied during 1997-2000.
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