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Polyester manufacturer Indo Rama Synthetics has reported a net loss of Rs 58.40 crore in the third quarter of 2014-15 compared to a net profit of Rs 97.38 crore in the same period last year.
For the quarter ended December 31, 2014, net sales stood at Rs 659.58 crore against Rs 590.21 crore in Q3 of previous year, a company release said.
EBIDTA for the period turned a negative Rs 7.44 crore during the period compared to negative Rs 97.38 crore in the same period last year.
"The polyester industry is undergoing a very challenging phase. During the quarter, due to exceptional and unprecedented decline in crude oil prices and therefore the PTA & MEG prices, the company incurred significant losses on inventory," the release said.
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