CHENNAI, May 22: EID Parry has shown an improved performance for the year 1996-97. The turnover has increased by 6.5 % and the profit after tax by 11.10 %. The board has declared a final dividend of 25 % taking the total dividend for the year to 40 %.

The turnover during 1996-97 was higher at Rs 761.03 crore up from Rs 714.81 crore in the previous year. The increase is attributed to the full contribution this year by three products viz acetic acid, wall tiles and pesticide technical which were launched in the last quarter of 1995-96.

The company was able to keep its operational expenditure down. The operational profit was Rs 76.63 crore and as a percentage to sales, it was three per cent higher than in the previous year. The ammonia terminal along with a sub-marine pipeline and multi-mooring system (first of its kind in Asia) was commissioned during the year and this, to some extent, has saved cost of storing ammonia in other terminals and transporting it by train.

Apart from the ammonia terminal, the company during the year commenced production at its organic manure plant and also modernised the Ennore Fertilisers granulation plant. The interest on capital expenditure and the higher working capital requirements pushed the interest cost up from Rs 10.55 crore in 1995-96 to Rs 22.74 crore this year.

With full depreciation on projects commissioned during the last quarter of the previous year and many projects getting capitalised during the year, the depreciation was higher at Rs 19.31 crore as against Rs 12.94 crore charged last year. Rs 4.50 crore has been provided for the minimum alternate tax (MAT). The profit after tax for the year works out to Rs 30.08 crore against Rs 26.72 crore in 1995-96.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.