The Hindu Business Line : Upper Ganges back in black

KOLKATA: High sugar prices and better realisations have helped the city-based Upper Ganges Sugar & Industries Ltd, a K.K. Birla Group company, to return to the black.

For the year ended June 30, 2004, the company's net sales dropped to Rs 263.07 crore from Rs 288.63 crore during 2002-03. However, due to high profitability, Upper Ganges ended with a net profit of Rs 16.81 crore, against a net loss of Rs 7.17 crore in the previous fiscal.

The company has recommended a dividend of Rs 3 per share. The annual interest burden of Upper Ganges also increased to Rs 22.72 crore from Rs 19.90 crore.

Upper Ganges has two factories. One is at Seohara in Uttar Pradesh and the other is at Sidhwalia in Bihar. The total crushing capacity is 12,500 tonnes sugarcane per day. It also has a distillery at the Seohara plant.

Upper Ganges is selling its ethanol to the petroleum sector. The company also owns a tea estate in Upper Assam. It is called Cinnatolliah Tea Garden.