Homegrown handset player Spice Mobility today reported a consolidated net loss of Rs 222.5 crore for the quarter ended December 31, 2014.
The firm had posted a net profit of Rs 1.08 crore in the year-ago period.
Consolidated net sales rose marginally to Rs 569.96 crore during October-December quarter of this fiscal from Rs 567.04 crore in the same quarter of 2013-14 fiscal, the company said in a BSE filing.
Last month, the company had announced that it will set up a manufacturing unit in Uttar Pradesh with an investment of about Rs 500 crore to make affordable mobile phones in the country.
Spice Mobility has inked a memorandum of understanding with the UP Government wherein it will get the State Government’s support in establishing the facility in a time-bound manner.
It will also facilitate the necessary infrastructure, ecosystem and incentives under various schemes announced by the State and Centre.
The unit will have a capacity of about 1-2 million handsets a month, which will be gradually expanded to five million.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.