45IT Comw.bk.a.26

RNS No 9038a
SIEL LIMITED
28th October 1998

                          Siel Limited : New Delhi

  Unaudited Financial Results (Provisional) of the three months 30.09.98

                                                             (Rs. in million)
                                    Three months ended         Year ended
SI.    Particulars                  30.09.98    30.09.97  30.09.98    30.09.97
No                                                                    Audited

 1     Net Sales                    1,093       1,141     5,094       4,299

 2     Other income                    39          27        63          77

 3     Total expenditure              965       1,026     4,547       3,999

 4     Interest(net)                  113         117       455         461

 5     Gross profit / (loss) after
       interest but before
       depreciation, extraordinary
       item and tax                    54          25       155         (84)

 6     Depreciation                    25          26        99         105

 7     Profit/(loss) before 
       extraordinary item and tax      29          (1)       56        (189)

 8     Extraordinary item
       - Income                         -           -       830         644
       - Expenditure                    -           -       525           -

 9     Profit / (loss) before tax      29          (1)      361         455

10     Provision for tax                3           -        32          82

11     Net profit / (loss)             26          (1)      329         373

12     Paid-up equity share capital     -           -         -         271

13     Reserves excluding revaluation
       reserves (as per balance sheet
       of previous year)                -           -         -       2,032

1. The Chlor-alkali operations have been commissioned at Rajpura and the
   production from the same has already started.

2. After the closure of company's factory at Delhi pursuant to the Supreme Court
   orders, edible oil operations are conducted through third party manufacture.
   However, due to certain doubts raised in respect of the quality of the
   products sold under Company's brand name, the unsold stocks were withdrawn
   from the market during the month of September, 1998.  After ensuring the
   quality, the operation of edible oils have since been resumed in the month of
   October, 1998.

3. The Application form for exercising the option to convert warrants issued
   alongwith 13% Non-convertible debentures (NCDs) issued in 1994 have already
   been posted to the warrant-holders and the last date for exercising the
   option is 7th November, 1998.

4. Company has acquired 5% Redeemable Cumulative Preference Shares in Siel
   Overseas Ltd, (UK) (GBP 1.44 million) in exchange for 24% Equity Shares held
   by it in Covrad Heat Transfer Ltd. (UK) (GBP 0.85 million).  Tax incidence,
   if any, arising out of this transaction will be provided for as and when
   determined in consultation with company's tax advisors.

5. The above results have been taken on record by the Board in its meeting held
   on 28.10.98.


END

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