Cables and optical fibres manufacturer Finolex Cables has posted a sharp drop of 72.67 per cent in net profit to Rs 2.73 crore during the January-March 2009 quarter of the last financial year against Rs 9.99 core posted over the corresponding period a year ago.
The company revenue also dipped by 23.17 per cent to 325.14 crore during the quarter as compared to Rs 423.21 crore on a year-on-year basis, the company said in a filing to the Bombay Stock Exchange (BSE).
On annual grounds, increased operational costs hit the company severely as it reported a net loss of Rs 35.49 crore during the 2008-09 financial year.
The Pune-based firm had reported a net profit of Rs 88.91 crore during the 2007-08 fiscal, the statement said.
Company revenues during the recently concluded financial year fell by 3.7 per cent to Rs 1,365.34 crore over Rs 1,417.9 crore posted during the previous year, the company said.
