The Hindu Business Line : EID-Parry net profit up at Rs 25.3 cr

E.I.D.-PARRY (India) Ltd, part of the Murugappa group, has reported a net profit of Rs 25.37 crore on sales of Rs 130.95 crore for the quarter ended September 30, 2004 compared to a net profit of Rs 25 lakh on income of Rs 115.34 crore for the same period last year.

Other income for the quarter was Rs 19.03 crore (Rs 8.08 crore), including Rs 6.62 crore being the profit on sale of businesses of Netlon, General Marketing and Travels to Parry Engineering & Exports Ltd.

For the half year ended September 30, 2004 the company posted a net profit of Rs 49.92 crore on sales of Rs 273.38 crore compared to a net profit of Rs 18.75 crore on income of Rs 236 crore. Other income amounted to Rs 39.10 crore (Rs 24.50 crore).

Interest cost during the second quarter of this year was down to Rs 55 lakh from Rs 2.49 crore for the same period last year. For the half year, interest cost came down to Rs 1.53 crore compared to Rs 4.39 crore for the corresponding period last year.

According to the company, the board of directors has approved sale or lease of the assets of the acetic acid plant at Thyagavalli in Tamil Nadu. The sugar refinery plant at Nellikuppam has been commissioned and trial productionstarted.

A company release said that stable/improved prices of sugar enabled the sugar division to show good growth in top and bottom line. The commissioning of the refinery plant for producing refined sugar will enable the company to launch its branded sugar.