Bombay Dyeing Q3 net loss up 56% at 58 cr

Bombay Dyeing and Manufacturing Company, part of the Wadia group, has posted a net loss of Rs 57.80 crore for the quarter ended December, 2008 compared with the net loss of Rs 37.01 crore in the corresponding previous quarter. During the period, the net sales of the company grew to Rs 319.84 crore from Rs 291.60 crore last year, up 9.34 per cent.

The company, which has diversified into real estate, so far in FY09, has registered a loss of Rs 210 crore - over 42 times more than the loss incurred by the company in the corresponding period last year. Poor performance of the textiles and polyester businesses of the company dented the company's quarterly numbers.

 

The textile business of the company registered a net loss of Rs 26.19 crore in the December quarter against Rs 3.72 crore whereas the sales in textiles too dipped by Rs 67.90 crore from Rs 98.26 crore, down 30.9 per cent. Only the real estate segment of the company managed to register profits at Rs 45.71 crore compared with Rs 29.99 crore in December quarter, up 52.42 per cent.

On the Bombay Stock Exchange, the share price of the company closed the week at Rs 150.15, up 2.56 per cent.