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Ponni Sugars (Erode) net up at Rs 2.99 cr

Our Bureau

Chennai , June 10

THE board of Ponni Sugars (Erode) Ltd has recommended a dividend of Re 1 (10 per cent) for 2004-05.

According to a company release, this is its maiden dividend after the company was formed in 2001 through a demerger.

It may be recalled that it was the fallout of the demerger of Ponni Sugars and Chemicals Ltd, which operated sugar mills in Erode and Orissa.

Ponni Sugars (Erode) Ltd has reported a net profit of Rs 2.99 crore on net sales of Rs 22.85 crore for the quarter ended March 2005. During the corresponding previous period, the company had reported net profit of Rs 1.11 crore on sales of Rs 24.06 crore. For the year ended March 2005, the profit after tax was Rs 6.02 crore (Rs 2.50 crore) on a turnover of Rs 88.17 crore (Rs 81.13 crore).

Buoyant sugar prices and cost cutting measures have contributed to the performance. The company has used the opportunity to retire high-cost debts to bring down the debt-equity ratio to 1.1:1 from 3:1. The company is optimistic on 2005-06, when margins could drop in sugar prices but volumes would compensate.

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