Official sources here said after a board meeting in New Delhi that decline in other income and increase in interest during the year had adversely affected the performance while turnover remained stagnant at around last year's level.

Net sales during the year stood at Rs 535.88 crore against Rs 538.15 crore last year while other income declined to Rs 12.85 crore from Rs 21 crore, sources said.

Total expenditure during the year rose to Rs 545.26 crore from a low of Rs 519.46 crore in the previous year and provision on interest amounted to Rs 54.67 crore against a low of Rs 36.92 crore in 1997-98, sources added.

The company has also made a provision of Rs 21.17 crore for depreciation (Rs 17.18 crore last year).