 PRESS RELEASE |
|
| Upper Ganges Sugar & Industries Ltd announces its 1st Quarterly Financial Results for the period ended 30th September 2006 |
| Kolkata, October 25, 2006, Upper Ganges Sugar & Industries Ltd. (Upper Ganges) is amongst the most efficient and rapidly expanding Company in the Sugar Industry. Upper Ganges belongs to the renowned K. K. Birla Group. The Board of Directors of Upper Ganges at its meeting held on the 25th October, 2006 took on record the 1st Quarterly Financial Results for the period ended 30th September, 2006. |
| FINANCIALS AT A GLANCE |
| ( Rs. in lacs ) |
| Particulars |
1st quarter ended
30.09.2006 |
1st quarter ended
30.09.2005 |
Year ended 30.06.2006
(Audited) |
| Turnover |
8,270.12 |
9,700.70 |
44,330.68 |
| Profit/(Loss) before Depreciation, and Tax (PBDT) |
(470.12) |
760.61 |
5,668.29 |
| Net Profit / (Loss) |
(514.15) |
320.52 |
2,862.29 |
| EPS (Rs.) |
(5.00) |
4.55 |
40.66 |
|
|
Upper Ganges reported a decrease in turnover by 14.75% at Rs.8270.12 lacs and a net loss of Rs.514.15 lacs for the quarter ended 30th September, 2006 as against a turnover of Rs. 9700.70 lacs and a net profit of Rs.320.52 lacs during the quarter ended 30th September, 2005. The results of the quarter ending September is always depressing due to the seasonality of the sugar industry and cannot be considered as an indicator of the results for the year as a whole.
The dip in profitability has been due to lower margins on account of increased cane costs without commiserative increase in sugar prices. However, the performance is likely to improve during the current year as the stiff competition for the sugarcane in West U.P. is not likely to be repeated. Furthermore, the projects at UGSIL are progressing as per schedule which will enhance the profitability. The accentuated capacity of ethanol and co-gen will be on line by March, 2007 while the further expansion of sugar capacities at Sidhwalia & Hasanpur will commence from next October onwards.
Presently, Upper Ganges has three sugar manufacturing units (one in U.P. and two in Bihar) with an aggregate crushing capacity of about 14,250 tonnes crushing per day (tcd), one distillery at Seohara and a Tea Estate in Upper Assam, Cinnatolliah Tea Garden, North Lakhimpur, (Assam).
The Company’s shares are listed at the NSE, BSE and CSE and are actively traded having a 52 week high of Rs. 482. |
| For further information, please contact: |
Swati Jalan, Communications 2.0, Kolkata
[M]-9830111376, [O] - 30954039/22892636 |
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