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Punj Llyod posts loss in FY09 due to SABIC case, says Atul Punj

Punj Llyod posts loss in FY09 due to SABIC case, says Atul Punj
PTI
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First Published: Tue, May 19 2009. 05 15 PM IST
Updated: Tue, May 19 2009. 05 15 PM IST
New Delhi: Engineering firm Punj Llyod on Tuesday said it had reported a loss of Rs253 crore in the concluded Jan-Mar quarter due to the negative impact of around £28.5 million (Rs220 crore) incurred on a litigation between UK-based subsidiary Simon Carves Ltd and SABIC Petrochemicals.
“There was a unplanned and unexpected negative impact due to a litigation with SABIC Petrochemical and our subsidiary Simon Carves. We just opted to write it off and stop speculation once for all,” Punj Llyod chairman Atul Punj told reporter while addressing a press conference.
Simon Carves had commenced the adjudicating proceedings against SABIC Petrochemicals in January in UK courts. The proceedings were aimed at seeking restitution of £28.5 million. But the UK adjudicator ruled in favour of SABIC.
“While, we are still in Court, the situation has not changed legally from what it was four months ago. We are aiming to perform better than earlier as opportunities are large and markets environments are supporting,” he said.
The company had posted a net loss of Rs253 crore for the fourth quarter ended on 31 March against a net profit of Rs119 crore in the same quarter last fiscal.
It suffered a net loss of Rs225 crore during 2008-09 against Rs360 crore profit earned in the previous fiscal.
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First Published: Tue, May 19 2009. 05 15 PM IST