Refractory manufacturers Orissa Industries (Orind) is back in the black with a net profit of Rs 1.47 crore for the year-ended 31 March, 1997. The company had posted a net loss of Rs 2.70 crore in 1995-96. Total income rose marginally to Rs 120. 27 crore from the previous years Rs 116.83 crore.
Orind is currently working on ways for a loan arrangement of Rs 35.15 crore to fund its modernisation and expansion plans. It hopes to benefit by sourcing raw magnesite from Australia to its unit in Lathikata, Orissa, during the current year. The Orind group, through its sister concern has taken over the richest magnesite deposit in Australia.
The company has not recommended any dividend for the second year in succession. In fact 22 per cent dividend was declared for 1994 and 1995 with the condition payment subject to sanction by the financial institutions and banks have not received the sanction from the financial institutions due to companys default in payment of interests and loans instalments.