Haldia Petrochemicals Ltd, Bengal’s premier manufacturing giant, has reported a surprise loss in the last financial year after three years of consecutive profits.
The company, which produces polymer used in making plastic materials, recorded a Rs 309.5-crore loss in 2018-19 compared with Rs 102.4-crore profit a year ago.
HPL is an unlisted company, majority owned by The Chatterjee Group, headed by Purnendu Chatterjee. West Bengal Industrial Development Corporation, the Bengal government’s premier industry promotion outfit, is a significant minority shareholder.
Rating agency Icra, a Moody’s Investor Service Company, which periodically assesses the loan instruments of HPL, shifted the outlook to “negative” from “stable”, while reaffirming AA rating on the long-term loans after the financial results.
