 PRESS RELEASE |
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Upper Ganges Sugar & Industries Limited declares its 1st Quarter Financial Results for the quarter ended 30th September 2007.
Kolkata, 31st October, 2007 |
Kolkata, 31st October, 2007: Upper Ganges Sugar & Industries Ltd. (UGSIL), belonging to the renowned K.K. Birla Group, is amongst the most efficient and rapidly expanding companies in the Sugar Industry. UGSIL owns three sugar factories at Seohara (U.P.), at Sidhwalia (Bihar) and at Hasanpur (Bihar) with an aggregate crushing capacity of about 14,250 tonnes of sugarcane per day, a distillery at Seohara (U.P.) and Tea Estate in Upper Assam – Cinnatolliah Tea Garden.
Bharat Sugar Mills, Sidhwalia a unit of Upper Ganges Sugar & Industries Ltd [UGSIL] has been granted ISO-14001-2004 certification for the manufacture and sale of sugar and its by-products.
The Board of Directors of UGSIL at its meeting held on the 31st October, 2007 took on record the 1st Quarterly Financial Results for the period ended 30th September, 2007. |
| FINANCIALS AT A GLANCE |
| ( Rs. in lacs ) |
| Particulars |
1st quarter ended 30.09.2007 |
1st quarter ended 30.09.2006 |
Year ended 30.06.2007
(Audited) |
| Turnover |
6754.58 |
8270.12 |
35225.82 |
| Profit/(Loss) before Depreciation, and Tax (PBDT) |
(1230.03) |
(470.12) |
(3149.98) |
| Profit/(Loss) After Tax |
(1073.09) |
(514.15) |
(2826.13) |
| EPS (Rs.) |
(9.29) |
(5.00) |
(25.15) |
|
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Upper Ganges reported a decrease in turnover by 18.33% at Rs. 6754.58 lakh and a net loss of Rs. 1073.09 lakh for the quarter ended 30th September, 2007 as against a turnover of Rs.8270.12 lakh and a net loss of Rs. 514.15 lakh during the quarter ended 30th September, 2006.
The sugar industry is going through a crisis phase primarily because of two related factors. Firstly, a record bumper production that far outstripped the demand for sugar saw a steep fall in prices. Secondly, the State Governments fixed high and uneconomic prices of sugarcane. Both these factors have resulted in huge losses for the sugar industry.
The dip in profitability for this quarter can be attributed to the above factors. However, the Company’s strategic initiative of diversifying into the production of co-products such as ethanol and power will provide stability to its operations.
Capital Projects:
The Company has successfully completed the installation of a 24 MW Co-generation Plant at Seohara. The capacity of the distillery at Seohara has been enhanced from 55 kilo litres per day (klpd) to 100 klpd.
The expansion of the crushing capacity of Hasanpur Sugar Mills, Samastipur (Bihar) from 1750 tonnes crushing daily (TCD) to 5000 TCD at a capital outlay of about Rs. 130 crores is progressing satisfactorily.
The project for expansion of the crushing capacity of Bharat Sugar Mills, Sidhwalia (Bihar) from 2500 TCD to 5000 TCD with a sulphur free Sugar Refinery and a Co-generation Plant of 18 MW at a capital outlay of about Rs.125 crores is in progress and is expected to be completed during the current fiscal.
The Company’s shares are listed at the NSE, BSE and CSE and are actively traded having a 52 week high of Rs. 155. |
| For further information, please contact: |
Communications 2.0
Ms. Swati Jalan / Ms. Sayantani Banerjee
Ph- 9830111376 / 9831236730 |
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