Sirpur Paper Mills Limited has posted a loss of Rs 21.95 crore for the quarter ended December 31, 2013 as against a loss of Rs 33.79 crore for the corresponding quarter last year.
The company income from operations was up at Rs 109.08 crore for the December quarter as against Rs 104.89 crore for the corresponding period last year.
Last fiscal ended March 31, 2013, the company had posted loss of Rs 97.10 crore and income of Rs 354.86 crore.
According to a filing made with the BSE, as on December 2013, the accumulated losses amounted to Rs 190.68 crore has eroded the net worth of the company.
In the Financial year 2012-13, the company was sanctioned a restructuring package by the lenders under the Corporate Debt Restructure (CDR) mechanism. It continues to enjoy the support of the promoters.
The company has put in place measures for revival and cost reduction, which in the opinion of the management would enable the company generate sufficient profits in the foreseeable future, the statement signed by Devashish Poddar, Vice Chairman and Managing Director of the company, said.