Hyderabad, May 30
HERITAGE Foods (India) Ltd has reported a fall in net profit for the fourth quarter of fiscal ended March 31, 2005, despite recording a growth in turnover.
According to the audited financial results, the company has posted a turnover of Rs 63.68 crore and a net profit of Rs 3.25 crore for the quarter under review. In the same quarter of the previous fiscal, it reported a turnover of Rs 58.18 crore and a net profit of Rs 4.13 crore.
For the year ended March 31, 2005, the company has posted a turnover of Rs 266.91 crore (Rs 235.83 crore) and a net profit of Rs 10.09 crore (Rs 14.36 crore). The board has recommended a dividend of 30 per cent for the fiscal under review.
The Managing Director, Mr V. Nagaraja Naidu, said the company has commenced milk procurement, processing and packing operations by commissioning a new plant at Yandagandi village in East Godavari.
He attributed the fall in profitability to increase in milk procurement cost and fall in selling prices of fat-related milk products.