New Delhi, June 3 (UNI) GMR Industries(GIL), the agri-business unit of GMR Group, registered a net profit of Rs 14.41 crore for the fourth quarter ended March 2008, as compared with a net loss of Rs 6.48 crore incurred during the same period last year.
Turnover for the quarter increased 10 per cent to Rs 55.91 crore from Rs 50.82 crore, a company statement said.
Increase in income and sugar prices by 10-15 per cent besides reduced expenditure and cost-effective measures enabled the company to post profit, GMR Industries Managing Director R Ramakrishnan said in the statement.
The expenditure for the quarter under review stood at Rs 40.03 crore, dipping 22.25 per cent, from Rs 51.49 crore during the same period last year.
The company plans to set up a 50,000-cubic metre plant at Raibhagh near Belgaum for manufacturing medium density fibre board made out of bagasse with an investment of Rs 442 crore and comprise a sugar crushing unit, co-generation unit and a distillery among others.
It also plans Rs 250-crore rights issue to part fund its projects.
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