New Delhi, Nov. 1
Simbhaoli Sugars Ltd has reported an 83 per cent decline in net profit at Rs 2.02 crore for the second quarter ended September 30, 2006, against Rs 11.7 crore in the same period last year, mainly due to higher cost of production and a dip in the sugar prices. The gross turnover, however, rose by 41 per cent to Rs 155.62 crore ( Rs 110.32 crore), the company release said.
"The sugar prices have declined in the last quarter, coupled with higher cost of production, which has led to decline in profitability across the industry," the Simbhaoli Sugars Director-Finance, Mr Sanjay Tapriya, said while commenting on the results. The figures for the corresponding previous quarter are not comparable as there was an extraordinary income of Rs 12.03 crore in second quarter last fiscal, he added.