Empee Distilleries bags 'LoI' from AP Govt

Chennai, Oct 1 (UNI) Liquor major Empee Distilleries Limited had received a "Letter of Intent" (LoI) from the Andhra Pradesh Government to manufacture beer.

In a release here today, Company Chairman M P Purushothaman said the company was holding talks with some foreign players to launch the manufacturing facility.

''A decision in this regard is expected to be announced soon,'' he added.

On the financials, he said the projections for the current fiscal was positive as the company had augmented its manufacturing capacity by one lakh cases per month.

The additional capacity, which went on stream in July and the launch of new products such as Empee's Premium Whisky blended with Proprietary Vatted Malt, would add to the topline of the company during the current financial year.

The company has reported net sales of Rs 55,742 lakh for nine months ending June 30, 2008. The net sales for the quarter ended June 30, 2008 was Rs 18,087 lakh.

''The Board recommended an overall dividend of 50 per cent for the nine months. The company has closed the accounts for the nine months ended June 30 and hence the results of the current period were not comparable with the results of the previous year,'' Mr Purushothaman said.

The net profit after tax worked out to Rs 1,130 lakh for the nine-month period, while net profit after tax for the quarter was Rs 270 lakh.

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