Bharat Earth Movers Limited (BEML) has dipped 4% at Rs 306, its lowest level since December 2008, after reporting net loss of Rs 39 crore for the quarter ended June 30, 2012, due to fall in operational income and higher operating cost. The company had reported a net profit of Rs 8.61 crore during the corresponding quarter of previous fiscal.
This is the second successive quarter of loss for the nearly Rs 3,000-crore earth moving equipment major. It posted Q4 loss of almost Rs 14 crore in the last fiscal. Net sales too, declined 25% at Rs 414 crore on year-on-year (yoy) basis.
The employee cost has increased by 18% at Rs 180 crore on y-o-y basis, while interest burden was almost doubled to Rs 29 crore from Rs 15 crore during the recently concluded quarter.
The stock has underperformed the market by falling 47% since April 2012, as compared to a 1% rise in the benchmark Sensex.
A combined 271,000 shares have changed hands on the counter till noon deals on both the exchanges.