Calcutta, Oct 27: ITC Bhadrachalam Paperboards Ltd has reported a loss of Rs 7.60 crore in the second quarter ended September 30, 1999, against a loss of Rs 24.39 crore in the previous corresponding period.The company has, however, reported a 36 per cent growth in sales in the quarter to Rs 107.56 crore against Rs 79.28 crore in the corresponding quarter of 1998.
The gross profit after providing for interest and finance charges amounts to Rs 2.56 crore against a loss of Rs 14.94 crore.
In 1998-99 financial year, the company had suffered a net loss of Rs 97.92 crore. According to sources, the company's capacity utilisation after commissioning the new plant in April 1998 has improved substantially.
Its paid-up equity has increased to Rs 87.74 crore from Rs 68.62 crore as a result of the preferential issue of 1,91,20,000 equity shares of Rs 10 each at a premium of Rs 65 per share to ITC Ltd. ITC and its subsidiaries now have a 51 per cent stake in the company.
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