Indo Rama Synthetics Q4 net loss at Rs 38.06 crore

NEW DELHI: Textiles firm Indo Rama Synthetics (India) today said it reported a net loss of Rs 38.06 crore for the fourth quarter ended March 31, 2013.

The company had posted a net profit of Rs 35.47 crore in the same period of previous fiscal.

Net sales of the company stood at Rs 681.78 crore during the fourth quarter, as against Rs 786.98 crore in the same period of 2011-12 fiscal, Indo Rama Synthetics said in a regulatory filing to the BSE.

For the year ended March 31, 2013, the company posted a net profit of Rs 41.26 crore compared to Rs 31.96 crore in the year-ago period.

Net sales of the company for the year ended March 31, 2013, stood at Rs 2,865.02 crore compared to Rs 2,943.27 crore in 2011-12 fiscal.

"Our persistent focus on customers and quality has helped us to counter the margin pressures, despite the decline in global trade, fluctuation in dollar prices and crude oil and adverse local market conditions," Indo Rama Synthetics (India) Ltd CMD O P Lohia said.

He added that with the domestic market picking up, market conditions will gain greater momentum going forward.

The company said its board has recommended a dividend of 10 per cent to its shareholders.

Shares of Indo Rama Synthetics today closed at Rs 18.40 on the BSE, down 2.65 per cent from previous close.