Pricol has reported a net loss of Rs 16.62 crore in the third quarter ending December 31, 2008 against a net profit of Rs 3.62 crore in the same period last year. Net sales declined by 8.2% to Rs 137.30 crore (Rs 149.56 crore). In the first nine months, the company has reported a net loss of Rs 27.54 crore against a net profit of Rs 13.83 crore during the same period last year. However, the net sales saw an increase of 5.22% at Rs 466.8 crore (Rs 443.66 crore).
In a statement, company CMD Vijay Mohan said, "the loss of market share due to illegal strike during last year has not been regained." Further he added, Increase in raw material and component prices on account of exchange fluctuation has affected the profits for the quarter ended December 31, 2008. "The company incurred Rs 8.21 crore loss consequent to re-statement of foreign currency loans and export receivables. Also, the company lost Rs 8.72 crore consequent to actual settlements," he said.