Kesoram Industries, a BK Birla group company, on Friday announced that its net losses has more than doubled to Rs 201.92 crore in the quarter ended June 30, 2014, over the same period a year ago as the company continues to struggle to generate revenue from its tyre division.
Net losses of the Kolkata-based company had stood at
Rs 99.90 crore during the first quarter last fiscal.
Total income of the company stood at Rs 1,266.69 crore, registering a decline of 0.98% year-on-year over the corresponding period a year ago as the revenues from tyre segment registered a decline of 10% over previous year, according to a BSE filing. Tyre constitutes close to 60% of the company’s total business.
The cement business, however, registered 18% y-o-y growth in revenue in the first quarter.
Total expenses of the company during the June quarter this fiscal increased to Rs. 1,309.83 crore against Rs. 1,278.07 crore in the same quarter last fiscal.
Company sources said high finance costs continued to impact its bottomline.