Chennai: EID Parry (India) Ltd, part of the Murugappa Group, has posted a net loss for the quarter ended 31 March 2007 at Rs10.72 crore as against the profit of Rs43.68 crore in the corresponding quarter the previous year.
The net loss is due to the selling price of sugar being lower than the cost of production, a company release said here today.
The loss is after absorbing depreciation and adjustment of tax.
The Board has recommended a final dividend of Rs1.40 per equity share (70%) on equity shares of Rs2 each, the release said, adding that with this the interim dividend declared for the year was Rs5.90 per equity share.
For the year, the company posted a net profit of Rs127.42 crore against Rs115.84 crore the previous year. EID Parry achieved a gross turnover of Rs583.23 crore in 2006-07 down from Rs978.46 crore in 2005-06.
The drop in turnover was mainly due to a decline of 30% in sugar sales volume, the release said.
However, supply of power to the grid registered a growth of 73% over last year mainly due to the increase in generation of power from the 18mw cogeneration plant at Pudukkotai, commissioned in March 2006, it said.