Gokaldas Exports net loss doubles in Q4 to Rs 51.3 cr

Gokaldas Exports, the Bangalore-based exporter of readymade

garments, on Monday reported that its net loss for the fourth quarter-ended March 31, 2012, nearly doubled to Rs 51.3 crores compared to a net loss of Rs 26.5 crores reported in the corresponding quarter last year.

The total income from operations declined 8.56 per cent to Rs 275 crores for the fourth quarter as against the year ago period. The operating loss for the quarter more than tripled to Rs 53.50 crores as compared to Rs 16.90 crores in the fourth quarter last year.

“The widening of net loss is mainly on account of a one-time charge of Rs 46 crores due to an erosion in the carrying value of inventory. It is a non-recurring in nature. The market conditions were challenging through the last year as demand softened from Europe”, Sumit Keshan, Chief Financial Officer, Gokaldas Exports said. He said the demand from US is showing signs of strength since the fourth quarter last year and the company expects to ramp up its current customer orders, while looking at adding more customers in the current year. During the fourth quarter of 2011-12, the company added nine new customers.