Mangalore Chemicals cuts losses to Rs 9.76 cr on lower expenses

Written by fe Bureau | Updated: Aug 8 2014, 06:22am hrs
The Vijay Mallya-led Mangalore Chemicals and Fertilisers (MCF) has narrowed losses to Rs 9.76 crore for the quarter ended June against the year-ago period on lower expenses, though revenue was impacted partly because of a fuel conversion project. The fertiliser company had reported losses of R12 crore on a standalone basis in the same period last year, while it had reported a profit of R45.58 crore in the January-March 2014 quarter.

MCF is currently in the midst of a battle for control with Vijay Mallya teaming up with Saroj Poddar's Zuari Fertilisers to counter an open offer by Pune-based rival, Deepak Fertilisers. The offers are awaiting approval from the Competition Commission of India.

The company's net sales were lower by 29% at R430.98 crore for the quarter compared to R607.11 crore a year ago.

The fertiliser company's board on Thursday approved the appointment of Muralidharan TM as finance head in place of K Raghuveeran with immediate effect. It also appointed Srinivasulu Reddy Magunta as an independent director to fill the vacancy caused by the demise of N Sunder Rajan.