Net sales for the period dropped 2.6 per cent to Rs 253.7 crore. The company attributed the decline in profit to the Rs 71 crore foreign exchange loss.
For the year ended March 31, 2009, net sales were up 8.per cent to Rs 1095.76 crore, compared with Rs 1006.57 crore in the year ago period. Net profit dipped 92.8 per cent to Rs 3.42 crore, compared with Rs 47.82 crore in the year ago period. For the first two quarters of financial year 2008-09, Gokaldas Exports made a total net profit of around Rs 14 crore. In the third quarter, the company made a net loss of around Rs 15 crore.
“This year hedging loss was a big dampener. The forex cover pulled our bottomline down. With it coming to an end by June 30, we will be out of this problem,” said Gokaldas Exports Managing Director Rajendra Hinduja.
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