MCFL net loss narrows to Rs 3.31 crore in Dec quarter

Fertiliser firm MCFL today reported narrowing of net loss to Rs 3.31 crore for the third quarter ended December on account of increase in income.
The company had posted a net loss of Rs 29.32 crore in the year-ago period.
Net sales during the October-December quarter of current financial year almost doubled to Rs 566.54 crore from Rs 284.46 crore in the year-ago period, the company said in a regulatory filing.
During the quarter, in a major reshuffle, Mangalore Chemicals and Fertilizers Ltd (MCFL) had appointed Arun Duggal as its Chairman, a post that fell vacant after Vijay Mallya resigned amid a bitter takeover battle for the company in 2014.

Besides this, N Suresh Krishnan, who is a nominee of the Zuari Group on MCFL's board was appointed as Managing Director of the company in place of Deepak Anand.
In May, Saroj Poddar-led Zuari Group had acquired an additional 36.56 per cent stake in Mangalore Chemicals and Fertilizers Ltd (MCFL) and become a majority shareholder in the firm with 53.03 per cent stake.
After acquiring a controlling stake in MCFL, Zuari Group has got representation on its board also, and Akshay Poddar, Kapil Mehan and N Suresh Krishna were appointed as directors.
MCFL has a plant near Mangalore port with an annual capacity to produce about four lakh tonnes of urea and about three lakh tonnes of phosphatic fertilisers.