Business Daily from THE HINDU group of publications
Sunday, Jul 20, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Sunday, Jul 20, 2008 ePaper | Mobile/PDA Version | Audio |
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Corporate
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Restructuring Corporate Results - Engineering Kirloskar Brothers records loss in first-quarter Our Bureau Pune, July 19 The Pune-based Kirloskar Brothers Ltd (KBL), manufacturers of pumps, has recorded a net loss for the first quarter this year on a higher turnover. The company has recorded a total income of Rs 374.16 crore for the first quarter of the current fiscal against Rs 321.42 crore in the corresponding quarter last year. It recorded a net loss of Rs 4 crore in the first quarter of 2008-09 as against a profit of Rs 34 crore last year. Talking to presspersons after the annual general meeting, Mr Sanjay Kirloskar, Chairman and Managing Director, said the high rise in raw material prices, delay in implementation of certain projects and employee related expenses are the reasons for the company posting a loss. Remedial actionHe said KBL has put in place certain initiatives to remedy the situation while pointing out that it is now insisting on price variation clause in the orders, even in all the new contracts. He said part of the capex plan is also put on hold and only essentials such as modernisation, quality, projects orders that have to be completed would be given priority. KBL had earmarked Rs 140 crore for capex of which only Rs 80 crore would be utilised. He said the company has restructured its business operations sector wise, primarily with the objective of focussing on each business sector. More Stories on : Restructuring | Engineering
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