Gujarat NRE Coal posted a standalone net loss of INR 45.51 crore for the quarter ended March 31st 2012, due to a host of reasons, including decline in sales, increased interest outgo and FOREX losses.

The Kolkata based met coke producer had reported a net profit of INR 51.64 crore in the same quarter of 2010-11. Net sales of the company were down 28.19% at INR 330.42 crore during the quarter vis a vis INR 460.15 crore in Q4 of FY'11.

Besides, the company reported a FOREX loss of INR 43.76 crore, while its interest outgo increased by about 43% to INR 60.27 crore.

For the full year 2011-12, company posted consolidated net loss of INR 83.34 crore. It had a net profit of INR 134.70 crore in FY'11.

The company’s net sales of the company was down 22.90% to INR 1,398.39 crore in FY'12, while its interest outgo increased by 6.86% to INR 252.19 crore and it incurred a FOREX loss of INR 64.42 crore in 2011-12.

The company also incurred INR 67.09 crore impairment loss in FY'12 on account of investment in Pike River Coal Ltd, New Zealand.

Source - Indian Express

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