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.
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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.
