The Goodricke Group has reported a loss of approximately Rs 26 crore for the first quarter ended March 31, 2011. This is higher than the loss of nearly Rs 23 crore in the corresponding quarter of 2010. Goodricke follows the calendar year for accounting purposes.
The tea major incurred a loss during the last quarter despite a nearly 50 per cent rise in net sales to Rs 66 crore, thereby indicating an erosion of margins due to higher expenditure. Expenditure incurred during the quarter rose by over 37 per cent to Rs 92 crore. During the quarter, the domestic sales increased 34 per cent to Rs 58.57 crore and exports moved up by eight times to Rs 7.35 crore. However, both the domestic and overseas operations proved loss making. On Friday, Goodricke shares closed at Rs 157.5, nearly one per cent up at BSE.