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Kolkata, Nov. 5

Assam Company Ltd, traditionally a major producer of tea and now having interests in oil and gas, announced strong results for the third quarter ended September 30, 2008. The company’s net income rose by 37 per cent to Rs 71.63 crore (Rs 52.11 crore), EDITDA by 74 per cent to Rs 32.47 crore (Rs 18.64 crore) and profit after tax by 92 per cent to Rs 24.65 crore (Rs 12.84 crore), according to company sources. The tea business accounts for 81 per cent of the companyR 17;s revenue and oil and gas the balance 19 per cent. Mr A.K. Jajodia, Managing Director & CEO of the company, in a statement, has observed, “The strong numbers are a reflection of the success of our strategy of leveraging our traditional strength in tea business to drive revenues and facilitate scalability of our oil and gas business which can boost our margins further”. He confirms that the company is focused on E&P operations and has plans of drilling more wells in Amguri, Assam during the remainder of the current fiscal to augment the production of hydrocarbon. He is optimistic of the company’s sector-specific hydrocarbon and power SEZ project in Gujarat for which land has already been allotted by the State Government.

– Our Bureau

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