McLeod Russel posts Rs.970 mn net loss

June 2nd, 2008 - 11:09 pm ICT by IANS  


Kolkata, June 2 (IANS) Tea manufacturer McLeod Russel India Ltd (MRIL) posted a net loss of Rs.970 million ($23 million) for the quarter ended March 31, 2008, as compared to a loss of Rs.754.3 million of the year-ago period. Net sales during the period stood at Rs.1.79 billion against Rs.1.73 billion of the last quarter of the previous fiscal.

MRIL vice-chairman Deepak Khaitan said: “Outlook for the current year is better. We have planned Rs.250 million capital expenditure.”

The company also plans to invest Rs.200 million in jatropha cultivation.

The current debt amount of the company stands at Rs.4.57 billion. “We have done well. Our debt equity ratio at 6:1 is very comfortable,” Khaitan said.

The company’s is expanding at a very fast rate in the overseas countries. It exported 27 million kg of tea last fiscal. In the current fiscal, it plans to export 30 million kg, which is 40 percent of the total production.

It targets to produce 77 million kg of tea this year compared to 75 million kg of last fiscal.

MRIL has 62,000 hectares of jatropha contract farming in Jharkhand and northeast. It plans to increase it to 70,000 hectare this year.

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