With this, the public sector company, which made a huge loss during the first quarter on account of recession in the petrochemical industry, has been able to reduce the cumulative losses for the first six months ended September 30, 1998 to Rs 23.81 crore, said a an IPCL release.

Net sales for the first quarter ended September 30, 1998 was at Rs 863.05 crore. Net sales for the first half ended September 30, 1998 rose to Rs 1,447.5 crore compared with Rs 1,378.14 crore, the release added.

The company board met in Vadodara on Monday to take on account the unaudited financial results for the quarter/half year ended October 26 1998.

The gross profit for the second quarter was at Rs 97.98 crore. The gross profit for the firsthalf was at Rs 104.72 crore against Rs 274.28 crore during the same period last year.

The operating profit for the second quarter was at Rs 176.70 crore. The operating profit for the first six months ended September 30, 1998 dropped to Rs 248.25 crore from Rs 413.15 crore during the same period last year.

Total expenditure for the second quarter stood at Rs 711.38 crore and for the first six months was at Rs 123.76 crore. Other income for the second quarter was at Rs 25.03 crore. The other income for the first six months dropped to Rs 38.33 crore from Rs 39.71 crore during the same period last year.

Interest for the second quarter was at Rs 78.72 crore. Interest during the first six months ended September 30 rose to Rs 143.53 crore from Rs 138.87 crore during the corresponding period last year.

The company hopes to do much better in the third quarter as the prices of polymers have just begun to firm up. Also, the benefits arising from lower feedstock prices will be derived in the third quarter, says acompany release.

The combined production of its three complexes at Vadodara, Nagothane and Dahej totalled 464,633 tonnes during the first six months compared with 407,945 tonnes during the same period last year.

During the first six months, the company's sales went up by 25 per cent to 516,228 tonnes from 412,489 tonnes in the same period last year. On the power front, IPCL produced 558,928 kw till the quarter ended September 30, 1998 against 523,843 kw in the same period last year.