Amtek reports loss of Rs 2,533 crore in FY17

Debt ridden auto component maker Amtek Auto has reported a consolidated loss of Rs 2,533 crore for the year ended March 31, 2017. The comparable number for previous year was not announced. Revenue from operations was Rs 1,966 crore for the year. The steep loss is mainly on account of a high finance cost of Rs 1,305 crore for the year. The loss for January-March period, however, narrowed down to Rs 307 crore from Rs 563 crore in the corresponding period of previous year. Revenue for the quarter declined 32 per cent to Rs 442 crore. The company said its board has decided to issue 26.83 million shares on a preferential basis to Assets Care & Reconstruction Enterprise (a Delhi based asset reconstruction company) at a price of Rs 35.5 per share upon conversion of its unsecured loan. For more than a year, the Amtek management has been trying to bringing down company’s debt through the sale or certain overseas and domestic assets. But the process is not yet complete. The company’s debt is estimated at Rs 13,000 crore.