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Gujarat NRE Coal today posted a standalone net loss of Rs 45.51 crore for the quarter ended March 31, 2012, due to a host of reasons, including decline in sales, increased interest outgo and forex losses.
The company had reported a net profit of Rs 51.64 crore in the same quarter of 2010—11.
Net sales of the company were down 28.19 per cent at Rs 330.42 crore during the quarter vis—a—vis Rs 460.15 crore in Q4 of FY’11, it said in a filing to the BSE.
Besides, the company reported a forex loss of Rs 43.76 crore, while its interest outgo increased by about 43 per cent to Rs 60.27 crore.
The company did not provide consolidated results for the January—March quarter.
For the full year 2011-12, company posted consolidated net loss of Rs 83.34 crore as against a net profit of Rs 134.70 crore in FY’11.
Net sales of the company was down 22.90 per cent to Rs 1,398.39 crore in FY’12, while its interest outgo increased by 6.86 per cent to Rs 252.19 crore and it incurred a forex loss of Rs 64.42 crore in 2011—12.
The company also incurred Rs 67.09 crore impairment loss in FY’12 on account of investment in Pike River Coal Ltd, New Zealand.
In a separate statement, the company said that it will sell a little over 10 per cent stake in its Australian subsidiary, Gujarat NRE Coking Coal Ltd, to Jindal Steel and Power for about AUD 25 million (about Rs 135 crore).
Shares of the company closed today at Rs 17.60 apiece on the BSE, up 3.23 per cent from the previous close.
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