Titagarh Industries has recorded a net profit of Rs 2.02 crore for the year ended March 31, 1999, against Rs 5.54 crore recorded for the 15-month period ended March 31 1998. The board of directors has not recommended any dividend for 1998-99.

Around Rs 2.3 crore has been transferred to the profit & loss account from general reserve to write off bad debts.

``If you liberalise, you will have to live with the vagaries of low priced imports. Even good quality paper is being imported in the name of newsprint. The rules of the game have changed,'' Chowdhary said.

``The entire commodity segment is facing problems with the liberalisation of the economy and steel and paper are doing badly. Most major paper companies are losingmoney and we are no exception,'' Chowdhary pointed out.

He even blamed the Government for cutting down on wagon procurement and increasing the miseries of local industry.

On being asked what the company was planning to do to come out of the present situation, he said: ``We have to wait and watch. A new Governmment is expected and we must wait for their policies to be announced before taking any major decision.''

The AGM passed a special resolution amending the memorandum of association of the company. A new clause (49) replaced the existing clause IIIB (48).

The new clause allows the company to restructure its business by acquisition, disposal or any other modality.

Titagarh Industries is scouting for a strategic partner in the paper industry and is planning to set up a new newsprint plant.