The Hindu Business Line : Parrys Confectionery prunes losses

PARRYS Confectionery Ltd (PCL), part of the Murugappa group, has registered a loss of Rs 19 lakh on a turnover of Rs 25.11 crore for the three months ended September 30, 2003 against a loss of Rs 56 lakh on a turnover of Rs 26.64 crore for the corresponding period in the previous year.

In the half year ended September 30, 2003, the company made a profit of Rs 4 lakh on a turnover of Rs 47.23 crore against a loss of Rs 1.71 crore on a turnover of Rs 46.62 crore for the corresponding period in the previous year.

Mr N.C. Venugopal, Managing Director, PCL, said that the company had provided Rs 95 lakh as a one-time charge on account of change in superannuation policy with effect from July 1. He said that the one time charge of Rs 95 lakh pulled down the cash profit of Rs 67 lakh for the quarter against a cash loss of Rs 26 lakh in the corresponding period in the previous year.

The company has increased focused marketing and promotional activities for its key brands.

The company launched Parrys Butter Scotch Rings, a deposit candy in the lacto segment recently.

The company sold its investment in Parrys Confectionery Investment and Finance Company Ltd, a wholly owned subsidiary, to another group company during this quarter, the press release said.

The Madras High Court has approved the financial restructuring proposal of the company by its order dated September 23, the release said.

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