In face of a steep minority interest and closure of units, Avantha Group's flagship company Ballarpur Industries Ltd (BILT) on Wednesday posted a consolidated loss of Rs.1.99 crore for the first quarter of 2015-16 as against a profit of Rs.42 lakh in the year-ago period.
Although the firm bagged a Rs.2.63 crore gross profit in the review period, Rs.4.62 crore minority interest pulled down the company's financial gains.
Its rayon grade pulp manufacturing unit at Kamalapuram in Tamil Nadu continued to remain shut on account of adverse market conditions in India and abroad which impacted its results in the first three months of the current fiscal.
Besides, closure of its step-down subsidiary Sabah Forest Industries (SFI) in Malaysia in the quarter for technical upgradation also affected the company's overall performance.
Its total net income on a consolidated basis rose by 2.58 percent at Rs.1,250.54 crore during the April-June period this year compared to Rs.1,219.06 crore in the same timeframe in 2014.
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However, on a standalone basis, the firm suffered a near 100 percent fall in net profit and a near 25 percent fall in its total net income.
The standalone net profit stood at Rs.12 lakh in the timeframe under review as against Rs.7.31 crore during the first quarter of the last fiscal.
Its standalone net revenue fell to Rs.136.07 crore in the period under consideration as against Rs.180.79 crore in the year-ago period.
The company, in a filing with the Bombay Stock Exchange said its board's approval over the entire 98.08 percent stake sale in SFI is under consideration for signing of a definitive agreement and requires relevant approvals.
