 "Wadia-owned Bombay Dyeing posts bigger loss in March qtr as costs soar")
India's Bombay Dyeing and Manufacturing Company Ltd reported a bigger March-quarter net loss on Thursday, as increasing costs continued to hurt the retail and textiles company.
The Mumbai-based company's consolidated net loss widened to Rs 246 crore ($30.08 million) for the three months ended March 31, from a loss of Rs 41.74 crore a year earlier.
This is the 12th quarter in a row that the Wadia Group-owned company has posted a loss, as spiralling costs have cut into margins.
Total expenses in the reported quarter surged 41% to Rs 910 crores, with changes in inventories of finished goods, stock-in-trade and work-in-progress jumping more than 300%, the company said.
Profit at its mainstay polyester segment decreased 45.4%, while the real estate segment swung to a loss of Rs 96.72 crore.
Revenue from operations for the company increased 12.1% to Rs 670 crore.
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Shares of the company dropped 5.8% since fellow Wadia Group-owned Go First airlines filed for bankruptcy on Tuesday.
It closed 2.3% down after posting results on Thursday.
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