Air conditioner maker, Blue Star on Friday reported a net loss of Rs 32.76 crore for the quarter ended December 31, 2011, owing to increase in input costs and forex losses.
The company had posted a net profit of Rs 22.36 crore in the corresponding period of last financial year, Blue Star said in a statement.
The total income of the company during the current quarter declined by 3.87 per cent to Rs 589.69 crore as against Rs 613.41 crore in the year-ago period.
“Unprecedented input cost increases have impacted all business segments of the company. As seen in the earlier quarters of this financial year, the electro mechanical projects business has been particularly impacted largely due to the fixed price nature of the contracts,” the company said.
The company has seen a loss of Rs 15.18 crore in this segment compared to a profit of Rs 29.13 crore in Q3 of FY’11, it added.
During the third quarter, company’s financial expenses soared by over two—fold to Rs 22.10 crore from 8.92 crore.
“This was due to higher interest costs and unrealised foreign exchange losses on account of strengthening of the dollar,” the statement said.
Commenting on the future, the company said it expects the next few quarters to be challenging on account
The shares of the company today closed 2.27 per cent up at Rs 178.20 apiece on the Bombay Stock Exchange.