Beleaguered financial institution IFCI Ltd today reported a net loss of Rs 27.80 crore during the first quarter of the current financial year (2001-02), as against a profit of Rs 16.55 crore in the same period last fiscal.
The quarter has seen a decline in IFCI's income from operations to Rs 635.55 crore and a higher provisioning of Rs 26 crore towards bad and doubtful debts and investments, the company said in a release here.
The loss before provisioning for bad debts stood at Rs 1.78 crore as against a profit of Rs 41.90 crore last fiscal. IFCI made a 2.6 per cent higher provision at Rs 26.02 crore last quarter as compared to Rs 25.36 crore during the same period last fiscal. The financial institution's income from operations dipped 8.55 per cent to Rs 635.55 crore during April-June 2001 as compared to Rs 694.98 crore during the same quarter last year.
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IFCI incurred an expenditure of Rs 612.99 crore towards interest outgo and cost of borrowings during the quarter, which is slightly lower than Rs 628.32 crore in 2000-01. The staff cost increased to Rs 8.14 per cent last quarter from Rs 6.50 crore during April-June last fiscal.
IFCI had posted a Rs 265.93 crore loss last fiscal.