Faced with huge forex losses, Spice Mobiles Ltd (SML), the UP-based mobile service provider, has reported a staggering 85 per cent decline in its net profit at Rs 4.55 crore during the 15-month ended March 31, 2009 as compared to Rs 29.88 crore in the corresponding period last year.
However, total sales of the company increased during the period to Rs 673.08 crore from Rs 486.59 crore.
Net profit for the fourth quarter of the last financial year, though, almost doubled to Rs 7.35 crore from Rs 3.92 crore on a turnover of Rs 171.23 versus Rs 127.29 crore.
SML, in a BSE filing, has announced a forex loss of Rs 10.95 crore during the 15-month period ended March 31, 2009 as compared to Rs 67 lakh in the comparable period last year.
Shares of Spice Mobile were down 2.35% at Rs 16.60 on the Bombay Stock Exchange in afternoon trade.
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