The Hindu : Parry's Confectionery's financial overhaul

Online edition of India's National Newspaper
Thursday, May 01, 2003

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Parry's Confectionery's financial overhaul

By Our Special Correspondent

CHENNAI APRIL 30. The ailing Parry's Confectionery, a Murugappa group company, will go in for a major financial overhaul by dipping into the share premium account to clean up the balance sheet.

The company will adjust the accumulated loss of Rs. 16.42 crores, estimated loss of not exceeding Rs. 7 crores on the assets held for disposal at the Manapakkam facility and Rs. 73 lakhs expenditure incurred for voluntary retirement/separation against the Rs. 33 crore share premium account.

The board of the company, which met here today, gave its nod to the financial re-organisation.

N. C. Venugopal, Managing Director, told The Hindu that since these losses were to be set off against the share premium account, the profit and loss account would not be impacted.

The company reported a net loss of Rs. 1.33 lakhs during 2002-03 against a profit after tax of Rs. 48 lakhs in the previous year. The loss is attributed to a dip in the volume. The cash profit for the year is Rs. 2.49 lakhs (Rs. 6.79 lakhs).

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