Gokaldas Exports net loss widens in Q4 to Rs 51.3 cr

Gokaldas Exports Ltd, the Bangalore-based exporter of readymade garments, on Monday reported that its net loss for the fourth quarter-ended March 31, 2012, nearly doubled to Rs 51.3 crore compared to a net loss of Rs 26.5 crore reported in the corresponding quarter last year.

The total income from operations declined 8.56 per cent to Rs 275 crore for the fourth quarter as against the year ago period. The operating loss for the quarter more than tripled to Rs 53.50 crore as compared to Rs 16.90 crore in the fourth quarter last year.

“The widening of net loss is mainly on account of a one-time charge of Rs 46 crore due to an erosion in the carrying value of inventory. It is a non-recurring in nature. The market conditions were challenging through the last year as demand softened from Europe,” Sumit Keshan, Chief Financial Officer, Gokaldas Exports said.

 

He said the demand from US is showing signs of strength since the fourth quarter last year and the company expects to ramp up its current customer orders, while looking at adding more customers in the current year. During the fourth quarter of 2011-12, the company added nine new customers.