Financial Daily from THE HINDU group of publications
Wednesday, May 11, 2005
Financial Daily from THE HINDU group of publications Wednesday, May 11, 2005 |
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Corporate
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Financial Performance Ecoboard back in black Our Bureau
MUMBAI: After five years of recurring losses, Ecoboard Industries posted a net profit of Rs 18.9 crore for the year ended March 31, 2005. Sales grew by 42 per cent to Rs 45.43 crore from Rs 31.93 crore in the last year. The company has entered into negotiated settlements of its term liabilities with financial institutions and banks that includes interest and partial principal waivers of Rs 3,540.8 lakh, said a company press release. "This is a historic day. After losing Rs 12 crore a year over the last five years, we have seen profits today. The trend will continue," said Mr V.S. Raju, Chairman and Managing Director. According to him, low capacity utilisation coupled with the burden of financial charges and depreciation of the company's second particleboard plant at Velapur, had pushed it into losses. The waivers relieve the company of its huge interest payments and will help it bring down its cost of production. Further, the Centre's decision to exempt particleboards of the company from excise duty will help it reach wider sections of society, said Mr Raju.
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