Monnet Ispat’s net loss widens to Rs 492 cr in Jan-Mar

Monnet Ispat & Energy today said its standalone net loss has widened to Rs 492.32 crore for the quarter ended March 31, 2015. Company’s net loss was at Rs 92.97 crore in the year-ago period.

Total standalone income rose by 7 per cent to Rs 703.71 crore in January-March quarter of 2014-15 from Rs 659.87 crore in the same quarter of 2013-14, it said in a BSE filing.

Total expenses of the city-based firm grew by 41 per cent to Rs 946.36 crore during the quarter, from Rs 669.89 crore a year ago.

For the entire 2014-15, Monnet posted a standalone net loss of Rs 795.32 crore. However, in 2013-14 it had registered a net profit of Rs 66.33 crore.

Total standalone income of the company rose by 39 per cent to Rs 3,211.78 crore from Rs 2,309.77 crore during the same period.

In the filing, Monnet Ispat said: “During the year, the company paid penalty of coal block de-allocation under the order of the Supreme Court aggregating to Rs 252.91 crore for the period 2004-05 to 2014-15, the same is written off as exceptional item in Profit & Loss for the year 2014-15.”

http://www.business-standard.com/article/pti-stories/monnet-ispat-s-net-loss-widens-to-rs-492-cr-in-jan-mar-115053001297_1.html

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