Indo Rama's net loss close to Rs 40 crore in Q3 of FY19

Polyester manufacturer Indo Rama Sythetics's net loss expanded to Rs 39.91 crore during October to December 2018 compared to Rs 19.21 crore in the corresponding period of previous year.

The income from operations fell to Rs 508.22 crore from Rs 524.27 crore in the same period.

In first nine months (March to December) of current fiscal 2018-19, Indo Rama's revenue totalled Rs 1,258.17 crore but loss before tax totalled Rs 160.59 crore, resulting in a net loss of Rs 101.73 crore.

"The company incurred a net loss before tax of Rs 66.97 crore and Rs 160.59 crore respectively during the quarter and nine months ended December 31, 2018," it informed stock exchanges.

The company's current liabilities now exceed its current assets. Indo Rama said it has taken several steps to improve operational performance in terms of speciality products, cost control initiatives and addition of new customers.

On January 15, the board of directors had approved additional equity infusion of Rs 360.72 crore by way of preferential allotment to Indorama Netherlands BV and Siam Stock Holdings to clear overdue bank payments and other liabilities, besides increasing working capital to enhance production.

(ANI)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)