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Indo Rama Synthetics posts loss in Q3 FY12
04
Feb '12
The second biggest polyester fibre and yarn producer in India – Indo Rama Synthetics posted a net loss of Rs 321.1 million in the third quarter ending December of fiscal 2011-12.

This is compared to Rs 470.8 million profit recorded by the company in the same quarter of the previous fiscal. Indo Rama has attributed the loss to foreign exchange losses in the quarter.

The depreciation of the Indian rupee against the US dollar led to foreign exchange losses of Rs 750 million in the quarter, the company said.

Indo Rama clocked revenues of Rs 7.68 billion in the quarter, up 17 percent from Rs 6.56 billion posted in the corresponding quarter of the previous fiscal year.

The company is also in the process of increasing capacity of Draw Texturised Yarn (DTY) from 64,800 tons to 98,145 tons.

Indo Rama recently signed a joint venture deal with Thailand-based Indo Rama Ventures to set up a facility to produce Purified Terephthalic Acid (PTA), Polyethylene Terephthalate (PET), and Polyester Staple Fibre (PSF) in India.

Fibre2fashion News Desk - India

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