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Lakshmi Mills net turns negative

COIMBATORE: Lakshmi Mills Company Ltds net has turned negative for the second quarter of 2001-2002 fiscal. But for the `other income earned, the loss account of the company would have been still wider.

There has been a drop in total sale to an extent of 11.3 per cent. As against Rs 45.06 crore turnover, the company realised during the quarter ended Sept.30, 2000, LMCs turnover during the period ending Sept.30, 2001 fell to Rs 39.93 crore.

LMC, which managed to post a net profit of Rs 47 lakh during the first quarter of the current fiscal, has posted a net loss of Rs 3.35 crore during the second quarter as against Rs 1.49 crore net profit achieved during the period ended Sept. 30, 2000. Th e second quarter loss has led the company to close its half-yearly performance as on September 30, 2001 with a total net loss of Rs 2.87 crore.

The other income realised by the company during the first quarter at Rs 2.34 crore and another Rs 1.15 crore `other-income added to the income generated in the second quarter this year has enabled it to reduce the losses to a great extent. A major chunk of the `other income has come from the sale of assets by the company during this period.

While the interest charges remained lower at Rs 1.73 crore (Rs 1.97 crore), Its depreciation claim was almost the same at

Rs 1.45 crore (Rs 1.44 crore.) It has not made any provision for taxation. -- Our Bureau