: Bombay Dyeing & Manufacturing Company Ltd., the flagship company of Wadia Group, slipped after reporting net loss in the fiscal first quarter on higher finance costs and weak sales.
Net loss of the company stood at Rs 533.7 million in the three months ended Jun 30 compared to loss of Rs 536.3 million a year earlier and profit of Rs 1.78 billion a quarter ago, Bombay Dyeing said in a statement to the stock exchanges on Thursday after market hours.
The company's net sales slipped 27.4% to Rs 3.93 billion in the Apr-Jun period while finance cost climbed 15.5% to Rs 628 million in the quarter.
Other income of the company declined to Rs 40.2 million in the three months ended June compared to Rs 114.1 million a year earlier.
Revenue from textile segment declined 34.7% to Rs 878.9 million in the quarter while revenue from polyester slipped to Rs 2.74 billion from Rs 3.94 billion a year earlier.
At 11:35AM, Bombay Dyeing slipped 5.06% to Rs 82.60 on the Mumbai stock exchange.
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