Haldia Petrochem’s H1 loss at 400 crore

Haldia Petrochemicals Ltd. (HPL)’s losses in the first-half of the current fiscal are estimated at Rs.400 crore. The figures are yet to be audited and may rise, sources say. HPL has been in the red since 2008-09 with an accumulated loss of nearly Rs.2,000 crore till March 31, 2013. Starved of cash, the company is operating at 50% utilization of its capacity of 6,27,000 tpa. It is set to make a mandatory reference to the Board for Industrial and Financial Reconstruction (BIFR) as a potentially sick company after having eroded 50 per cent of its net worth. “This has already happened, but the reference is yet to be made as it requires board approval,” a source said.
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