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Rain Calcining posts profit in Q1

HYDERABAD: Rain Calcining Ltd (RCL), the Visakhapatnam-based Rs 290-crore calcined petroleum coke and power producer, has registered a significant growth both in turnover and net profit for the first quarter of the current fiscal year ended June 30, 2001 .

According to the audited financial results taken on record by the RCL board, the company posted a sales turnover of Rs 64.85 crore as against Rs 54.67 crore in the corresponding quarter of the previous year, other income of Rs 24 lakh (Rs 12 lakh) and a net profit of Rs 2.93 crore as against a net loss of Rs 2.67 crore in the corresponding period.

The company incurred an expenditure of Rs 48.04 crore (Rs 41.98 crore) and provided Rs 8.74 crore towards interest (Rs 10.85 crore), Rs 5.04 crore towards depreciation and amortisation (Rs 4.63 crore) and Rs 34 lakh towards deferred taxation as against n o such provision in the corresponding quarter of previous year. As on June 30, 2001, the company's reserves stood at Rs 1.23 crore on an equity base of Rs 129.49 crore.

For the year ended March 31, 2001, RCL posted a net profit of Rs 9.16 crore on a turnover of Rs 290.34 crore. -- Our Bureau