Lotus Chocolate back into the black in Q1

Hyderabad-based Lotus Chocolate Company Limited has posted a nominal profit of Rs 1.46 lakh for the first quarter ended June 30, 2004. A new management a year ago revived the company, which was sick for a long time.

Lotus Chocolate registered a gross turnover of Rs 3.57 crore during the first quarter of the current fiscal as compared to Rs 58.62 lakh during the same period last year.

Total expenditure for the quarter was Rs 3.2 crore besides a payment of Rs 9.59 lakh towards interest and providing Rs 26.19 lakh for depreciation.

Noted southern film actress Sarada originally promoted the company in 1992. It has complete facilities "� both for manufacturing of chocolate products as well as processing of cocoa beans into derivatives like cocoa butter and cocoa powder. The company's management has changed hands twice since then.

Two directors on the board of the company "� D Durga Prasad and Alapati Ramakrishna "� acquired 65 per cent of the company's stake via purchase of equity shares and 100 per cent preferential capital by investing over Rs 40 lakh before reinforcing the company with working capital to the tune of Rs 2 crore.

Prasad said that out of the 3,800-tonne cocoa bean being processed at the Doultabad plant annually, 2,400 tonne was being processed under a contractual arrangement for the multinational Cadbury.

The company also produces bulk chocolate slabs, choco paste, cocoa powder and cocoa butter for bakeries and hotels apart from producing branded chocolates for the retail market.

B S Radhika, controller of marketing, said that the Lotus brand consumer chocolates have been introduced in the Maharashtra market after a good response in Andhra Pradesh and Karnataka. "We want to gradually increase the manufacture of consumer chocolates," she said.