Textile firm Bombay Dyeing today said its net loss has widened by 29.9% to Rs 39.79 crore for the first quarter ended June 30, 2011 on the back of high expenses, including increase in raw material consumption.
The company had a net loss of Rs 30.61 crore for the quarter ended June 30, 2010, Bombay Dyeing said in a filing to the Bombay Stock Exchange (BSE).
During the reporting quarter, the company's net sales declined by 4.86% at Rs 397.82 crore from Rs 418.19 crore recorded in the corresponding quarter last fiscal.
During the period, the company's consumption of raw material increased by 29.52% to Rs 320.27 crore from Rs 247.26 crore, while its purchase of traded goods increased to Rs 24.42 crore from Rs 14.81 crore.
For the year ended March 2010, the company had a net profit of Rs 21.39 crore while its net sales stood at Rs 1939.72 crore.
Shares of Bombay Dyeing closed at Rs 316.30 on the BSE, down by 5.37% from previous close.
