Parry Agro Industries Ltd, part of the Chennai-based Murugappa Group, has reported a 79 per cent decline in its net profit for the year ended March 31, 2001, at Rs 1.13 crore, as against Rs 5.18 crore in the previous year.
The turnover during fiscal 2000-01, declined 9 per cent to Rs 89.5 crore, from Rs 98.13 crore during fiscal 1999-00. The company has attributed un-remunerative prices for the tea industry and government policy on tea imports as reasons for the decline in profit and turnover.
Tea production during last year was marginally higher at 128.13 lakh kg as against 125.94 lakh kg the previous year. The company, during the year ended March 31, 2001, incurred Rs 7.14 crore (Rs 7.05 crore) on interest charges and Rs 2.02 crore (Rs 1.81 crore) on depreciation.