Madras Aluminium Company swung to loss for the quarter ended December 2008. During the quarter, the company reported loss of Rs 71.32 million compared with a profit of Rs 147.10 million in the same quarter last year.
Net sales for the quarter rose 7.21% to Rs 1,179.88 million, while total income for the quarter rose 5.35% to Rs 1,229.07 million, when compared with the prior year period.
The company posted loss of Rs 0.63 a share during the quarter compared with earnings of Rs 6.54 a share in prior year period.
| Quarterly Results - Standalone (Rs in mn) | |||
| As at | Dec - 08 | Dec - 07 | %Change |
| Net Sales | 1,179.88 | 1,100.50 | 7.21 |
| Net Profit | (71.32) | 147.10 | - |
| Basic EPS | (0.63) | 6.54 | - |
Outcome of board meeting
The board of directors at its meeting held on Jan.19, 2009, approved the term of Suresh Rathi, CEO & whole-time director which was expired on Jan.16, 2009 and has appointed Ramesh Nair as director of the company from Jan. 19, 2009. However, Rathi will continue as CEO of the company.
The company has received a proposal from Twinstar Holdings (part of Vedanta Resources) the present promoters of the company holding 80% of the equity capital, to acquire balance 20% equity shares of the company as per SEBI (delisting of securities) guidelines, 2003.
Shares of the company gained Rs 2.8, or 4.97%, to trade at Rs 59.15. The total volume of shares traded was 6,630 at the BSE (11.01 a.m., Tuesday).
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