EID Parry net drops to Rs 3.5 crore

EID Parry India saw its net profit for the quarter ended December 31, 2006, touching Rs 3.53 crore from Rs 32.44 crore in the same period last year.

This drop is because last year's results included the results of the erstwhile Parryware division and profit on sale of investments of Rs 22.85 crore, besides revenue of Rs 64.50 crore last year, according to a company clarification.

The consolidated turnover of EID Parry and its subsidiaries and joint ventures for the quarter ended December 31, 2006, is Rs 725.58 crore. Consolidated net profit stood at Rs 27.21 crore.

Sales for sugar and sugar products increased 4 per cent due to a steep decline in the price of sugar, the company said. An export ban on sugar in July 2006 resulted in the division recording a loss of Rs 0.61 crore for the quarter ended December 31, 2006.

After the ban was lifted on January 11 this year the company is confident of further regulating its sugar exports via the requisite release orders.

EID Parry's turnover for the nine-month period ended December 31, 2006, was Rs 506.33 crore from the previous year's Rs 433.37 crore. Net profit for the period was Rs 46.85 crore against Rs 32.86 crore last year.

But after taking into consideration the one-time income of Rs 118.12 crore via sale of investments and tax provisions, net profit for the nine-month period was Rs 138.14 crore.

The consolidated turnover for EID Parry and its subsidiaries and joint ventures for the nine months ended December 31, 2006, was Rs 2,294.50 crore.

Net profit for the same period was Rs 204.14 crore.