Motherson Sumi posts consolidated loss of Rs 25 cr in Q3
Press Trust of India / New Delhi Feb 13, 2012, 14:51 IST
Auto component maker Motherson Sumi Systems today reported a consolidated net loss of Rs 24.72 crore for the quarter ended December 31, 2011.
The company had posted a net profit of Rs 106.37 crore in the corresponding period last financial year, Motherson Sumi Systems Ltd (MSSL) said in a statement.
The consolidated total income during the third quarter, however, increased by 78.43% to Rs 3,840.80 crore from Rs 2,152.57 crore in the year-ago period, it added.
The company attributed its net loss to provisions that it has made for exchange loss on long-term loans.
MSSL has made a consolidated provision of Rs 62.75 crore for exchange loss on long term loans.
Besides, the group firm Samvardhana Motherson Polymers (SMPL) has written off Rs 78.91 crore as one time costs for acquisition related activities such as due diligence costs and upfront fees for loans.
Taking into account all these aspects, along with some more, the company said the total consolidated impact was Rs 155.91 crore, and hence profit became loss.
Besides, the company's consolidated total expenditure has also went up by 92.05% to Rs 3,769.79 crore from Rs 1,962.97 crore in the same period previous fiscal, the statement said.
MSSL's total consolidated debt as on December 31 stands at Rs 2,426 crore, it added.
Reacting to the numbers, the shares of the company were trading 0.17% down at Rs 177.50 apiece on the BSE in late afternoon trade.
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