Upper Ganges Sugar and Industries (USGSIL), belonging to the K.K. Birla Group, on Tuesday, August 26 reported that its loss for the year ended June 2008 has narrowed, due to lower raw material costs and improved realizations. During the year, loss of the company stood at Rs 62.9 million as against Rs 282.61 million in the previous year.

Net sales of the company stood at Rs 2,985.5 million in the year ended June 2008 as compared with Rs 3,236.08 million in the year ended June 2007.

The loss per share for the year stood at Rs 5.44 compared with Rs 25.15 in the last year.

USGSIL is amongst the most efficiently and rapidly expanding companies in sugar industries. USGIL owns 3 sugar factories at Seohara (U.P), at Sidhwala (Bihar) and at Hasanpur(Bihar) wih an aggregrate crushing capacity of 18,000 tons a day. The company also has a distillery of 100 KLPD at Seohara (U.P) and tea estate in Upper Assam- cinnatolliah tea garden.

Shares of the company gained Rs 0.25, or 0.28%, to trade at Rs 89. The total volume of shares traded was 1,762 at the BSE (1.40 p.m., Tuesday).