Dunlop said it piled up a gross loss of Rs 101.29 crore (Rs 81.03 crore annualised) for the 15-month accounting period to March 31, 1999, against Rs 58.57 crore (Rs 78.09 crore annualised) in the previous accounting period of nine months to December 31, 1997.

This is the fourth successive change of accounting period by the company, which declared a work suspension at its factories in February 1998. In 1995-96, it had settled for a 15-month accounting period which was changed to 12 months in 1996-97 and then again to nine months in 1997. Now, it has reverted to a 15-month accounting period.

Net sales dropped to Rs 26.68 crore (Rs 21.34 crore annualised) in the 15 months to March 31, 1999, against Rs 207.77 crore (Rs 277.03 crore annualised) in the nine months to December 31, 1997. Total expenditure was lower at Rs 105.06 crore (Rs 84.05 crore annualised) against Rs 251.83 crore (Rs 335.77 crore annualised).

The lower sales and expenditure is on account of the ``temporary'' suspension of work at its units - Sahagunj in West Bengal and Ambattur in Tamil Nadu -- declared on February 7 and 8, 1998, respectively.

Dunlop's loss before extraordinary items has marginally increased to Rs 105.97 crore (Rs 84.78 crore annualised) from Rs 62.58 crore (Rs 83.44 crore annualised).

However, net loss has declined because, in the previous period, it had to write back proceeds of Rs 169.26 crore from a real estate deal that never took place. This had forced it into the red with a net loss of Rs 231.84 crore for the nine months to December 31, 1997, or Rs 309.12 crore annualised. The latest net loss, for the 15 months to March 31, 1999, is Rs 105.97 crore (Rs 84.78 crore annualised).

Dunlop's board, which met on Friday to clear the financials for the `year' to March 31, 1999, and six months to September 30, 1999, noted that the net worth has slipped to a negative of Rs 208.58 crore from (-) Rs 102.61 crore to December 31, 1997. During the first six months of the current fiscal, the company had no sales turnover against Rs 10.22 crore in the same period last year. Though the manufacturing units had stopped work in February 1998, the sales depots were operating till as late as August 2, 1999.

Total expenditure in the first half was Rs 7.97 crore against Rs 25.87 crore in the same period last year. The company said salaries and wages of workers have not been considered in the total expenditure since the management has been advised that, in the backdrop of suspension, it is not liable to pay wages to workmen. Net loss during first half to September 30, 1999, has come down to Rs 16.65 crore from Rs 26.13 crore in the corresponding period in 1998.