Whirlpool of India had plunged deeper into the red during the 15-month accounting period January 1997-March 1998, with net loss during the period totting up to Rs 141.64 crore. In the preceding 15-month period, the company had reported net loss of Rs 64.29 crore.

The company has also registered improved sales growth during the first quarter of the year at Rs 216.67 crore after a drop of 14.35 per cent seen in the 15-month period ended March 1998.

Sales/income from operations of Whirlpool of India had plummeted to Rs 666.31 crore from a level of Rs 777.95 crore reported in previous 15-month period ended December31, 1996 after the company gave up lien on the "Kelvinator" brand to Electrolux/Maharaja International.

During the 15-month-period, Whirlpool had made Rs 24.7 crore profit from sale of its compressors and automotive divisions. The two divisions had been disposed off so as to enable the company to focus on its core business--white goods.

The company has attributed increased losses in the January 1997-March 1998 period to higher interest and depreciation costs and one-time charge of about Rs 35 crore by way of provisions made for doubtful debts, damages, obsolescence and inventory differences.

Interest costs of the company was substantially higher as company had borrowed high-cost funds from the market to finance its Rs 321-crore new frost-free non-CFC refrigerator plant at Ranjangaon, near Pune, and for working capital requirement.

Interest costs of the company rose to Rs 68.02 crore during January 1997-March 1998 from the level of Rs 28.50 crore at the end of preceding 15 month period.

This cost tothe company continues to be on the higher side as per the first quarter results at Rs 18.46 crore. Meanwhile, the amalgamation scheme of Whirlpool Financial India Private Ltd with Whirlpool of India has yet to receive a confirmation from the Delhi High Court though the scheme was approved by the shareholder April 1998.