SIEL Ld - Interim Results

RNS No 9577w
SIEL LIMITED
26th May 1998


UNAUDITED FINANCIAL RESULTS PROVISIONAL OF SIX MONTHS ENDED 31.3.98

                                                                    Rs million
SL                                             SIX MONTHS ENDED     YEAR ENDED
NO            PARTICULARS                     31-03-98  30.03.97     30.09.97

 1        Net Sales                               2677      2175        4299

 2        Other Income                              22        44          77

 3        Total Expenditure                       2433      2075        3999

 4        Interest (net)                           219       218         461

 5        Gross profit/ (loss) after interest 
          but before depreciation, extraordinary
          item and tax                              47       -74         -84

 6        Depreciation                              49        52         105

 7        Profit/(Loss) before extraordinary
          item and tax                              -2      -126        -189

 8        Extraordinary item:                     
          - Income                                 575       644         644
          - Expenditure                            425        -           -

 9        Profit/(Loss) before tax                 148       518         455

10        Provision for tax                         10        82          82

11        Net profit/(loss)                        138       436         373

12        Paid-up equity share capital                                   271

13        Reserves excluding revaluation reserves
          (as per balance sheet of previous year)                       2032

1. Extraordinary income represents Rs.575 million being profit on account of
   sale of 23.33% equity shares of Shriram Honda Power Equipment Limited.

2. Extraordinary expenditure represents:
   - Rs.350 million being the provision for diminution in value of investment in
     subsidiaries.
   - Rs.75 million being the provision for bad debts of the Chemical Division.
   These items have been referred to by the Auditor's in their report on the
   Company's Accounts for the Financial Year ended September 30, 1997.

3. The relocation of Chior-alkali and Vanaspati operations to Rajpura, Punjab
   consequent to the closure of the SFFI unit is in process and the Chemical
   operations are expected to commence before the end of the current accounting
   year.

END

IR FCACPKDKDDPB

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