Company officials said Spic's ammonia and urea plants at Tuticorin (Tamil Nadu) were shut down for routine turnaround maintenance and modernisation between May-July last year and this had an adverse impact on output, sales and profits.

While sales revenue rose to Rs 2,381.46 crore in the last fiscal compared to Rs 2,060.97 crore, net profits were down to Rs 50.84 crore from Rs 78.96 crore in 1997-98, as per audited results of Spic released here.

The company's expenditure rose over 15 per cent compared to Rs 1,873.77 crore posted in the previous fiscal to touch Rs 2,193.21 crore in 1998-99. Interest burden rose from Rs 119.24 crore to Rs 159.81 crore last year, though provision for taxation was lower at Rs 1 crore compared to Rs 4.5 crore a year ago.