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Third quarter losses double at Gokaldas Exports

04
Feb '12
Garment exporter - Gokaldas Exports, which is controlled by global private equity major Blackstone has doubled its loss in the third quarter of fiscal year 2011-12, from the same period of the previous fiscal.

Losses more than doubled in the third quarter to Rs 370 million from Rs 167 million in the corresponding quarter of the last fiscal year.

Sales at one of the biggest apparel exporters from India too fell 30 percent year-on-year to Rs 2.08 billion.

“Sales mainly fell due to the weak economic climate in the EU. However a tight rein on costs including operating and financial costs ensured that the losses were under control”, Gokaldas said.

“The next quarters could prove to be better considering that cotton prices are more or less stable and optimism in the US markets”, Gokaldas added.

Fibre2fashion News Desk - India


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