Indo Rama Synthetics posts net loss of Rs 26 cr in Q1

Net sales up Rs 754 crore vs Rs 620 crore

Textile firm Indo Rama Synthetics (India) today posted net loss of Rs 26.10 for the first quarter ended June 30, due to high foreign exchange losses.

The company had posted a net profit of Rs 51.44 crore during the same period of previous fiscal.

Net sales of the company, however, rose to Rs 754.13 crore during the reported quarter as compared to Rs 620.65 crore during the same period of 2011-12 fiscal, Indo Rama Synthetics (India) Ltd said in a BSE filing.

During the April-June, 2012 quarter, the company reported a loss of 105.05 crore due to foreign currency fluctuation loss. It had posted a loss of Rs 5.18 crore during the same period of previous financial year.

Shares of Indo Rama Synthetics today closed at Rs 23.25 on the BSE, up 2.42% from its previous close.