Monnet Isapt Q3 net loss widens to Rs 479 crore

Monnet Ispat & Energy today reported widening of its standalone net loss at Rs 479 crore for the December quarter due to a sharp plunge in income.
The company had reported a net loss of Rs 243 crore in the October-December quarter of the previous fiscal, the company said in a regulatory filing to the BSE.
Its total income from operations plunged by 56 per cent to Rs 342.81 crore during the quarter under review as against Rs 778.09 crore in the corresponding period of the last fiscal.
Total expenses declined to Rs 552.04 crore during the period as against Rs 799.18 crore.

Its finance cost too rose to Rs 287.77 crore during the quarter under review as against Rs 148.58 crore in the year-ago quarter.
Segment-wise, its power business contributed Rs 57.38 crore revenue during the quarter while steel contributed Rs 332.78 crore revenue during the quarter.
The company has not made any adjustment in net carrying value of mining assets of Rs 221.68 crore as on December 31, 2015 related to deallocated coalmines, pending finalisation of compensation claim filed by the company with government authorities, the regulatory filing said.
Shares of the company closed at Rs 21.70 apiece on the BSE, up 0.93 per cent from the previous close.