Optical disc manfacturer, Moser Baer India has reported a net loss of Rs 103.98 crore for the first quarter ended June 30, 2008, against a net profit of Rs 9.64 crore in the same period a year-ago. According to a statement issued by the company, the net loss includes a loss of Rs 28.27 crore on account of the adverse movement of foreign exchange.
The total income for the quarter declined to Rs 495.79 crore from Rs 500.28 crore in the corresponding quarter in the previous fiscal.
In the previous quarter ended 31 March, 2008, Moser Baer had reported a net loss of Rs. 71.72 crore, while the gross revenue stood at Rs 486.63 crore in the
preceding quarter.
Commenting on the results, Ratul Puri, Executive Director, Moser Baer India, said “The global economic environment in which we operated was challenging and we had to deal with a number of one-time costs during the quarter. Pricing for optical media
after falling for a number of quarters has finally bottomed out."
We stand to benefit from our lead technology positioning in Blu-ray, which is emerging as a dominant optical format. Our photovoltaic and entertainment businesses are poised to deliver significant growth during the current year and our goal is to emerge as a leading global player in both industries,” he added
Further, the board has approved the acquisition of 51 per cent stake in Lumen Engineering Pvt Ltd for a consideration of Rs 10.20 lakh.