Andhra Pradesh Paper Mills Ltd has posted a loss of Rs 15.81 crore for the second quarter ended June 30, 2012, against a profit of Rs 16.30 crore for the corresponding quarter last year.
The lower profitability was attributed to planned maintenance shutdown for 34 days.
Part of the US paper major International Paper, the company based in Hyderabad with two plants in the State, has recorded a lower total income of Rs 189.75 crore for the June quarter against Rs 199.31 crore for the corresponding quarter.
In the fiscal ended December 31, 2011, the company had registered a loss of Rs 97.81 crore on total income of Rs 597.62 crore.
The company board which met here on Friday has been restructured with Mr Paul Brown, Executive Chairman, stepping aside and Mr W. Michael Amick Jr. chosen as his successor. The board also inducted three new directors and a new executive chairman.
In a statement to the stock exchanges, Mr Rampraveen Swaminathan, Managing Director and CEO, said that the company board approved the change of financial year from March 31 to December 31 every year.