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Punj Llyod suffers Rs. 253 crore loss in Q4

Punj Llyod Chairman Atul Punj on Tuesday said the company had reported a loss of Rs. 253 crore in the just concluded quarter due to the negative impact of around 28.5 million pound sterling (Rs. 220 crore) incurred on litigation between the U.K.-based subsidiary Simon Carves and SABIC Petrochemicals.

“There was an 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,” he added. Simon Carves had commenced the adjudicating proceedings against SABIC Petrochemicals in January in U.K. courts. The proceedings were aimed at seeking restitution of 28.5 million pounds. But the U.K. adjudicator ruled in favour of SABIC.

The company posted a net loss of Rs. 253 crore for the fourth quarter ended on March 31, 2009, against a net profit of Rs. 119 crore in the same quarter in the previous fiscal. It suffered a net loss of Rs. 225 crore during 2008-09 against Rs. 360 crore profit earned in the previous fiscal.
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