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McLeod Russel net for Fy07 up 263%

McLeod Russel net for Fy07 up 263%
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First Published: Tue, Jun 05 2007. 11 56 AM IST
Updated: Tue, Jun 05 2007. 11 56 AM IST
PTI
Kolkata: The net profit of McLeod Russel India Ltd, a part of the Williamson Magor group, has increased 263% during the financial year 2006-07 at Rs79.5 crore over the same period previous fiscal.
The company, however, incurred losses of Rs75.43 crore in the last quarter of 2006-07.
Managing director of McLeod Russel Aditya Khaitan said that losses in the last quarter was due to total stop of production from mid-December to mid-March.
Sales of the company increased 18.5% at Rs606.61 crore during 2006-07 over the same period 2005-06.
Khaitan told reporters here on 5 June 2007 that the company, a bulk tea producer, was looking at acquisitions in Kenya and Assam to consolidate its business.
He said that McLeod would be on the lookout from October onwards, adding that it would ideally like to acquire gardens with a production capacity of five million kilograms onwards.
Khaitan said said that if the company failed to identify a target, then it would take recourse to repay debt to make the balance sheet stronger.
The group had been financing acquisitions through debt. After Williamson Tea and Doom Dooma Tea, McLeod was now in the intregation process with Moran Tea, whose 72% stake had been acquired at a cost of Rs56 crore.
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First Published: Tue, Jun 05 2007. 11 56 AM IST