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Kolkata-based IFB Ago Industries has reported a near 13 per cent drop in net profit to the tune of Rs 7 crore (approximately) for the quarter ended September 30, 2015. The net profit stood at Rs 8 crore in the year-ago period.
The lower profits came mainly on the back of a 14 per cent drop in total income from operations to the tune of Rs 186 crore (approximately) for the period against the Rs 215 crore in Q2 of last fiscal.
Sales in the marine products category dipped by nearly 21 per cent to Rs 114 crore (Rs 144 crore). However, in the spirit, liquor and spirituous beverages segment, there was a minor jump in profit (of 1.4 per cent) to Rs 72 crore.
The company in a notification to the bourses said: “The operations at the third party marine processing plant in Andhra Pradesh started during the quarter. Operations to get stabilised will take time and this is expected to yield cash loss during this financial year.”
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