Financial Daily from THE HINDU group of publications
Tuesday, Sep 07, 2004
Financial Daily from THE HINDU group of publications Tuesday, Sep 07, 2004 |
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Corporate
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Announcements Lotus Chocolate back in black Our Bureau
Hyderabad , Sept. 6 LOTUS Chocolate Company Ltd (LCCL), which has been declared as a sick unit, is all set to stage a comeback, according to Mr D. Durga Prasad and Mr A. Rama Krishna, two Hyderabad-based entrepreneurs who acquired a controlling stake in the 13-year-old company a year ago. Film actress, Ms Sarada, the original promoter of LCCL, had sold the company to Malaysia-based MUI group. The MUI group, despite efforts, could not revive the company's operations. Later, Mr Prasad and Mr Krishna acquired 42.25 per cent of the company equity at 24 paise per share and infused Rs 2 crore as additional capital. Addressing a press conference here on Monday, they said that since its inception LCCL had posted net profit for the first time during the quarter ended June 30, 2004. During this quarter, the company had accrued a net profit of Rs 1.46 lakh on a turnover of Rs 3.47 crore. They said that LCCL was currently earning, on an average, Rs 20 lakh per month from cocoa processing and chocolate manufacturing job work for Cadburys. Lotus has a capacity of producing 3,000 tonnes per annum of chocolate products besides a 3,600 TPA capacity cocoa processing plant.
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