EID Parry India reports loss of Rs 16.32 crore

Chennai, Jan 24 (UNI) EID Parry India Limited has reported a loss of Rs 16.32 crore (gross profit of Rs 3.15 crore), after absorbing depreciation of Rs 11.03 crore was incurred at the operating level, during the quarter ended December 31 2007.

Low domestic and international prices, rupee appreciation making exports unattractive and high inventory carrying cost had resulted in a netloss of Rs 23.33 crore, a company release said here today.

After absorbing interest cost of Rs 6.85 crore (interest income of Rs 0.92 crore) the loss for the quarter was Rs 23.17 crore (profit of Rs 4.07 crore).

During the quarter, the company crushed 5.16 lakh tonnes of cane compared to 6.11 lakh tonnes in the corresponding period last year.

The overall production of sugar was 43,784 MT (49,827 MT).

The average sugar realization per MT for the quarter was Rs 12,535 compared to Rs 15,985 for the corresponding period last year.

The company exported 503 lakh units to the TNEB Grid compared to 221 lakh units for the corresponding period of 2006-07.

The sugar segment reported a loss of Rs 28.12 crore for the quarter (loss of Rs 0.61 crore).

The loss includes Rs 32.02 crore for the quarter for sugar (loss of Rs 2.27 crore) while the PBIT for the cogeneration segment was Rs 2.26 crore (Rs 0.78 crore) and the distillery segment Rs 1.64 crore (Rs 0.88 crore), the release said.

UNI SNR DS 1830