BUSINESS

TEL cuts losses

VELLORE OCT. 5. The accumulated losses incurred by the Tamil Nadu Industrial Explosives Limited (TEL) which stood at Rs.47.52 crores in 1999 had been reduced to Rs.5.51 crores at the end of 2001-02 in which year the company registered a turnover of Rs.41.11 crores and a net profit of Rs.6.22 crores.

It is expected to wipe off the balance losses also in 2002-03, says a TEL press release.

During 2001-02, the company registered sales of 7,416 tonnes of nitro-glycerine (NG) explosives (against a production of 7,586 tonnes), 3973 tonnes of slurry explosives (3,921 tonnes), 221 lakh numbers of detonators (236 lakh numbers) and 94 lakh metres of detonating fuses (91 lakh metres).

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