TRF tanks on disappointing Q1 earnings

Q1 net loss at Rs 22 crore against net profit Rs 3.6 crore in year ago quarter

TRF Limited has tanked over 10% at Rs 245 on reporting a net loss of Rs 22 crore for the quarter ended June 2012 due to lower realization and higher interest cost. The commercial vehicles maker had a net profit of Rs 3.6 crore in the corresponding quarter of previous fiscal.

Net sales declined by 6% at Rs 255 crore on year-on-year basis. Interest burden almost doubled to Rs 14.22 crore from Rs 7.37 crore, while employee cost increased by 25% at Rs 30 crore on yoy, during the recently concluded quarter

The stock opened at Rs 250 and hit a low of Rs 244 on the National Stock Exchange. A combined 46,345 shares have changed hands on the counter till noon deals.