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Parrys Confectionery register Rs 2.09 crore loss

CHENNAI: Parrys Confectionery Ltd, has registered a loss of Rs 2.09 crore for the three months ended June 30, 2001 as against the loss of Rs 2.96 crore for the corresponding period in the previous year.

The sales and services for the three months ended June 30 was Rs 22.32 crore as against the Rs 25.88 crore for the corresponding period in the previous year. The other income was Rs 21 lakh ( Rs 76 lakh). The total expenditure was Rs 22.10 crore (Rs 26.8 1 crore). Interest was Rs 78 lakh (Rs 98 lakh). Depreciation was Rs 1.58 crore (Rs 1.81 crore).

The voluntary retirement scheme expenses was Rs 16 lakh. The company has amortised with expenditure of Rs 80 lakh incurred during the year over a period of five years instead of the past practice of absorbing it in the profit and loss account in the year in which it is incurred. The management expects that the benefits of this expenditure will endure over a period of years. Consequently the loss for the quarter is lower by Rs 64 lakh.

The company had registered a loss of Rs 5.23 crore for the year on a turnover of Rs 106.25 crore for the year ended March 31, 2001. -- Our Bureau