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Our Bureau

Chennai , Oct. 29

SESHASAYEE Paper and Boards Ltd has more than doubled its net profit to Rs 4.06 crore on an income of Rs 121.71 crore for the quarter ended September 30, 2005.

The company reported a net profit of Rs 1.46 crore on an income of Rs 109.89 crore during the corresponding period in the previous year.

According to a release from the company, it has received firm commitments from banks to fund its Rs 350-crore mill development plan. This will involve an Rs 270-crore loan from banks, with the company generating Rs 80 crore through internal accruals.

It may be recalled that officials had said that the proposed mill would use the environment-friendly ECF (Elemental Chlorine Free process to produce about 350 tonnes of bleached pulp a day, against its present requirement of 230 tonnes. During the quarter, the company produced 30,809 tonnes (30,232 tonnes) of paper and boards. It reported sales of 31,836 tonnes (29,892 tonnes), and exports 6,124 tonnes (5,150 tonnes). The company's share price closed on Friday at Rs 129, on the BSE.

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