Calcutta, May 29: CEAT Financial Services Limited, an RPG group company, has reported a net loss of Rs 46.75 crore during the six month period ended March, 2000 against a net profit of Rs 4.52 crore in previous year.Net sales during the period came down to Rs 44.20 crore from Rs 79.25 crore and other income rose marginally to Rs 0.12 crore from Rs 0.06 crore.
Despite company's desperate efforts to reduce expenses, which it ultimately achieved to some extent, it failed to generate profit and instead reported a gross loss of Rs 9.74 crore against a profit of Rs 28.50 crore last year.
Interest charges during the period jumped sharply to Rs 47.61 crore from Rs 38.35 crore, but staff cost and other expenses were significantly reduced.
The company has made a provision of Rs 20.50 crore for NPAand diminuation in the value of the investments and assets this year against Rs 7.60 crore last year.
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.