SIEL Ld - Results to 30 Sept. 1999

RNS Number:1518A
SIEL Ld
2 November 1999

UNAUDITED FINANCIAL RESULTS (PROVISIONAL) OF THREE MONTHS ENDED 30.09.99

                                                                 Rs.in Million

                                           Three months ended       Year Ended
SL.              PARTICULARS             30.09.99      30.09.98       30.09.98
NO.                                                                    Audited

1    Net sales                              1,421         1,090          4,990

2(a) Profit on sale of long term investments   14             -            846
 (b) Other income                              49            35             60

3(a) Total expenditure                      1,307           962          4,458
 (b) Provision for diminution in the value 
     of long term Investments                   -           126            537
 (c) Provision for doubtful debts/advances      -            15            130

4    Interest(net)                            140           106            448

5    Gross profit/(loss) after interest but 
     before depreciation and tax               37           (84)           323

6    Depreciation                              51            30            105

7    Profit/(loss) before tax                 (14)         (114)           218

8    Provision for tax                          -            46             55

9    Net profit/(loss)                        (14)         (160)           163

10   Paid-up equity share capital             339           325            325

11   Reserves excluding revaluation reserves    -             -          2,141
     (as per balance sheet of previous year)

Notes

1. The above results have been taken on record by the Board of Directors in its 
  meeting held on 31.10.99

2. Other Income includes Rs 33 Million being the write back of excess provision
   (net) no longer required.

3. Pending declaration of price of Sugar for the season 1998-99 an estimated    
  Profit of Rs 29 Million for the year arising on account of difference in      
 levy price between 1997-98 and 1998-99 has not been considered.

4. The Company is in the process of achieving Y2K compliance and is in a
   position to meet the cost.

5. Profit/(Loss) for quarter ended September is not comparable with the figures 
  for the quarter ended Sept 98 which included Rs 142 Million as provision for  
 diminution in the value of long term investments/doubtful debts/advances.

END
QRRAUUNKKUKARAA

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