Calcutta, Oct. 30 (PTI): Increased provision for interest forced wagon-maker Jessop and Company Ltd, a subsidiary of public-sector Bharat Bhari Udyog Nigam Ltd, to incur an over 92.14 per cent rise in its second quarter net loss at Rs 10.76 crore, against Rs 5.60 crore in the same quarter last year.
Net loss during the first half of the current fiscal stands at Rs 26.65 crore, which was 134.39 per cent higher than last year’s Rs 11.37 crore.
“Interest for the current quarter at Rs 9.80 crore (Rs 6.13 crore) as well as the current half at Rs 22.50 crore (Rs 12.26 crore) has gone up substantially compared with last year due to higher interest provisioning on more loans received subsequently from the government,” Jessop officials said after a board meeting to consider unaudited results.
The situation was such that while net sales stood at Rs 17.14 crore during the first half, the interest provision was at Rs 22.50 crore during the period.
Net sales during the quarter stood at Rs 10.60 crore while operating loss after interest and depreciation charges stood higher at Rs 11.96 crore against Rs 7.05 crore last year.
The company had added other income of Rs 1.20 crore (Rs 1.45 crore) and as such net loss came down.