Amtek Auto posts Rs 132.15 cr loss for Dec quarter

Troubled auto component maker Amtek Auto today reported a loss of Rs 132.15 crore for the quarter ended December 31, 2015.

The company had posted a net profit of Rs 70.81 crore in the same period last fiscal.

Net sales during the period under review stood at Rs 824.69 crore as against Rs 1,035.45 crore in the year-ago quarter, it added.

Finance cost during the quarter stood at Rs 244.8 crore as against Rs 127.96 crore in the corresponding period last fiscal.

Last year in August the company had stated that it was facing a "temporary cash flow mismatch". Later in November it appointed Morgan Stanley as advisor to assist in its debt reduction plan.
 

The firm had said it was considering various options, including a minority stake sale of up to 25-40 per cent in its overseas business. However, it hasn't announced any such deal till date.

Shares of Amtek Auto ended the day at Rs 29.30 apiece, down 8.58 per cent from the previous close on the BSE.