The increase in expenses due to the restructuring of Belgium operations led Crompton Greaves to post a steep consolidated net loss of R189 crore for the third quarter ended December, against a net profit of R77.14 crore for same quarter last year.
The company informed the exchanges that in the process of restructuring its business in Mechelen, Belgium, it incurred a liability of R120.71 crore due to employee costs. ?In addition, other restructuring related costs aggregating to R108.07 crore were also identified and have been accounted under appropriate operating expenses heads,? the company said.
The company?s income from operations also declined by about 2% in the September-December 2012 period to R2,972 crore against R3,028 crore in the year ago period. However, company?s total expenses during the period surged by 4% to R3,026 crore against R2,908 crore.
Crompton Greaves? share price closed flat at R108.60 on Tuesday on Bombay Stock Exchange.
