The Hindu Business Line : BILT posts 76% dip in profit

Paper and pulp manufacturer Ballarpur Industries Ltd (BILT) has posted a 76 per cent dip in its net profit at Rs 17.8 crore for the third quarter ended March 31, 2009, against Rs 74.5 crore for the corresponding period last year, due to sluggish demand for paper in the Malaysian market and suspension of production at a pulp-manufacturing unit. Net sales remained flat at Rs 682.28 crore (Rs 687.34 crore). In a notice to the National Stock Exchange, the company said its bo ard has approved a proposal to buyback zero-coupon convertible bonds worth $60 million. .— Our Bureau

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