Gujarat NRE Coke Q4 net loss widens to Rs 352 crore

The company had posted a standalone loss of Rs 82.79 crore in the corresponding quarter previous fiscal

Gujarat NRE Coke Ltd's standalone net loss widened to Rs 351.58 crore for the quarter ended March 31, 2016.

The company had posted a standalone net loss of Rs 82.79 crore in the corresponding quarter of the previous fiscal, Gujarat NRE Coke said in a filing to BSE.

The company's net sales marginally reduced to Rs 109.16 crore during the quarter, over Rs 110.70 crore in the year-ago period.

The company further said that due to the continued slowdown in the global market scenario and poor market demand, the operations of the company were severely impacted resulting into high operating losses due to lower sales and price realisations with diminution in the value of stocks.
 

The total expenditure increased significantly to Rs 594.24 crore during the quarter as against Rs 144.70 crore in the corresponding period of 2014-15.

The shares of Gujarat NRE Coke were trading at Rs 2.65 a piece on BSE, down 1.12 per cent in the afternoon trade.