In line with poor performance of steel makers in India, Kolkata headquartered Adhunik Metaliks Ltd has posted a net loss of Rs 107.02 crore during the third quarter (October-December) of 2015-16.
The company said in a filing that its net sales stood at Rs 161.80 crore while expenditure stood at a whooping Rs 256.76 crore.
A decline in steel prices and an overall negative sentiment prevailing in the country affected realisations, industry sources said.
The company’s interest outgo during the quarter stood at Rs 61.47 crore, which means interest alone accounted for nearly 60% of the net loss.
Source: ISMW