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Jay Shree Tea & Industries Ltd has reported a net loss of Rs 19.02 crore for 2014-15 against a net profit of Rs 3.34 crore during the previous financial year. The company's board has recommended a dividend of Rs 1 for a share of Rs 5 each.
The company has reported a net loss of Rs 54.02 crore in the fourth quarter against a net profit of Rs 1.23 crore in the same period previous fiscal.
D P Maheshwari, Managing Director of the company, told BusinessLine that the net loss to the diversified company was due to poor performance of the sugar business.
Sugar business made a loss of Rs 17.51 crore, even though the tea business posted a profit of Rs 44.06 crore. "Sugar business also accounted for an interest cost of Rs 22 crore.''
Low refined sugar prices caused losses for its sugar mill in Bihar. Maheshwari said that until the Government changed its policy towards the sector and brought about a parity between the sugarcane cost and sugar price, the sugar business would continue to bleed.
The Chairman said the company was considering various options including that of hiving off the sugar business.
On Monday, Jay Shree stock closed at Rs 72.45, down 0.41 per cent on the BSE.
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