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Corporate - Restructuring
Agri-Biz & Commodities - Rubber
Harrisons Malayalam to sell rubber estate

Our Bureau

Kolkata, Sept. 22

Harrisons Malayalam Ltd, a RPG Group company, has decided to sell its in Kaliyar rubber estate located in the Idukki district of Kerala at a price of Rs 53 crore. According to a notice sent to the stock exchanges, the decision was taken by the board of directors on Friday. The estate is spread over 603 acres and employs 260 people.

"As per the understanding arrived at with the buyer, the estate will be transferred as a functioning entity along with all its employees," the notice to the stock exchanges said. In the first quarter of 2006-07, Harrisons Malayalam registered a growth in net sales. It increased to Rs 38.38 crore as against Rs 27.04 crore registered in the corresponding quarter of 2005-06. Profit before exceptional items increased to Rs 52 lakhs from Rs 45 lakhs. However, profit after exceptional items dropped from Rs 9.91 crore to Rs 52 lakhs. Similarly, net profit of Harrisons dropped to Rs 34 lakhs as against Rs 9.79 crore in the corresponding quarter of 2005-06.

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