Adhunik Metaliks report loss in Q4

MUMBAI: Consolidated net loss of Rs 42.15 crore for the quarter ended March 31, 2012 is reported by the Kolkata based company, Adhunik Metaliks. Reason behind the loss includes increased finance costs, forex losses and impairment of goodwill on consolidation of a subsidiary. The company had a net profit of Rs 38.69 crore during the corresponding quarter of 2010-11. As per a filing to the BSE, the net sales of the company were marginally up by 2.53 per cent in the quarter at Rs 565.24 crore vis-a-vis Rs 551.31 crore of the Q4 of FY'11.

In April, Adhunik Metaliks had adopted an agreement with an undisclosed investor to sell its entire holding in Neepaz. This agreement resulted in a loss of Rs 25.92 crore. Due to increased expenditure and higher interest payments, company's consolidated net profit is Rs 3.83 crore.

In FY'12 Adhunik's interest outgo also increased by over 47 per cent to Rs 348.83 crore and net sales of the company were up 8.92 per cent to Rs 1,953.31 crore.