Company sources said net sales during the quarter came down to Rs 82.20 crore from Rs 93.04 crore while other income increased to Rs 0.77 crore from Rs 0.60 crore last year.

Its expenditure relating to existing operations stood at Rs 83.18 crore this quarter (Rs 87.39 crore) while there was no expenditure during the quarter against discontinued operations which was Rs 12.73 crore in the same quarter last year.

Net interest during the quarter was lower at Rs 0.28 crore against Rs 1.56 crore last year as a result of which gross loss came down to Rs 0.49 crore from Rs 8.04 crore in 1998-99.

Company's expenses on making provision for depreciation amounted to Rs 3.54 crore (Rs 3.34 crore) while restructuring and employees voluntary separation scheme rose sharply to Rs 1.62 crore againstRs 0.71 crore in the first quarter of 1998-99.