Auto component major Motherson Sumi Systems Ltd has posted a consolidated loss of Rs 25 crore for the quarter ended December 31, 2011 largely on account of currency fluctuation and acquisition-related expenses.
It had posted Rs 106 crore profit in the corresponding quarter last year. Consolidated net sales in the previous quarter were up 81 per cent at Rs 3,772 crore.
The total impact on consolidated earnings (before tax) stood at Rs 156 crore, a combination of exchange losses on long-term loan of Rs 62.75 crore (consolidated basis) and one-time costs of Rs 79 crore on the acquisition of a majority stake in Peguform Group last year by its subsidiary Samvardhana Motherson Polymers Ltd (SMPL).
“Other expenditures include provision of Rs 10 crore for possible write-off on account of filing for bankruptcy proceedings by SAAB (Swedish client) and goodwill of Rs 4.51 crore at the time of acquisition of Vacuform Ltd,” a company statement said.
Motherson Sumi Systems were down 0.96 per cent to Rs 176.10 on the BSE on Monday.
Samvardhana Motherson Reflectec (SMR), a European rear view mirror supplier which was acquired in 2009, posted 36 per cent growth in sales.
Though SMR started utilisation of its new Hungary facility, there were exchange losses for this subsidiary in the quarter. The consolidated numbers also include one-month results of the Peguform Group, which was merged with SMPL in November 2011.