Monnet Ispat reports 12th consecutive quarter loss
Debt-ridden Monnet Ispat & Energy reported a loss of Rs399.79 crore for the June quarter due to lower sales and higher interest cost
Latest News »
- Ram Nath Kovind’s Twitter followers: Much ado about nothing
- Israel PM Benjamin Netanyahu threatens to shut Al Jazeera Jerusalem office
- Ghatkopar building collapse stirs up fresh BJP-Sena feud
- Market Live: Sensex hits 32,500 in opening trade, Nifty touches record high, Yes Bank jumps 4%
- Donald Trump announces Apple supplier Foxconn opening US factory
Mumbai: Debt-ridden Monnet Ispat & Energy Ltd on Tuesday reported a loss of Rs399.79 crore for the June quarter due to lower sales and higher interest cost. This was the 12th consecutive loss-making quarter for the company.
Net sales fell 17.7% from a year ago to Rs345.85 crore. Interest cost rose 16.5% year-on-year to Rs290.94 crore.
More From Livemint »
The company said in a notice to the BSE that the State Bank of India has initiated an insolvency resolution process against it after the Reserve Bank of India on 13 June directed banks to refer 12 troubled companies with a combined debt of close to Rs2.5 trillion to the National Company Law Tribunal (NCLT).
As of March 2017, the company had a total debt of Rs6,566.57 crore. In July 2015, rating agency Care cut the company’s loans and debentures to default grade. In December 2016, Care suspended its ratings after it failed to furnish information required for monitoring the ratings.
On Tuesday, shares of Monnet Ispat ended at Rs33.65 a piece on the BSE, down 1.9% from their previous close while the benchmark Sensex rose 0.1% to close at 31747.09 points.