CALCUTTA, MARCH 31: IFB Industries Ltd, the engineering, automotive parts and home-appliances' firm, has reported a loss of Rs 61.6 crore (Rs 40.99 crore annualised) for 18 months ended December 31, 1997, against a profit of Rs 26.58 crore in 12 months ended June 30, 1996.The company blamed its poor show on high interest liability owing to investments in engineering, automation, ancilliaries and home-appliances' products. The interest component increased 289 per cent to Rs 57.99 crore (Rs 38.66 crore annualised) in 18 months, against Rs 14.89 crore in the 12-month period. Sales turnover was Rs 372.02 crore (Rs 248.01 crore annualised) against Rs 261.14 crore in June 30, 1996. According to the audited results, gross loss after interest but before depreciation and taxation is Rs 41.49 crore (Rs 27.66 crore annualised) against a profit of Rs 38.24 crore in the previous 12-month accounting period.
The company board approved the accounts for the 18-month period at its Monday's meeting. The annual generalmeeting has been scheduled for June 23.The company said its home-appliances wing is poised for further growth, benefitting from indigenisation. The commissioning of a new plant at Goa, which will make dish-washers and other home appliances, was delayed last year. IFB Industries restructured its management and business outlook after chairman AC Chakraborti left last year.
The company said sales of home appliances rose 31 per cent, tea (51 per cent) and auto engineering (10 per cent). Exports turnover has dropped 40 per cent, though.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
