Chemical
Kanoria Chemicals losses widens in 2020
The company's sales also declined 6.25% to Rs 1004.70 crore as against Rs 1071.73 crore in the corresponding previous year.
- By ICN Bureau
| June 20, 2020
Kanoria Chemicals & Industries Ltd has reported losses in its quarterly as well as annual numbers for FY2020. For the full year, the company reported net loss of Rs 25.79 crore as against net loss of Rs 14.93 crore in the corresponding previous year. The company's sales also declined 6.25% to Rs 1004.70 crore as against Rs 1071.73 crore in the corresponding previous year.
During Q4 FY20, the company's net loss stood at Rs 7.98 crore as against net loss of Rs 7.56 crore during the corresponding quarter in the previous year. Sales also declined by 1.61% to Rs 265.09 crore as against Rs 269.42 crore in Q4 FY19.
The company did not announce any dividend for the year ended 31st March, 2020.
The company has also decided to acquire remaining 15.55% shares in Kanoria Africa Textiles Pic., Ethiopia (KATP), a subsidiary of the company subject to approval from the regulatory authorities of Ethiopia. The acquisition will allow the company full control of KATP which was incorporated in 2012 and engaged in the manufacturing of textile products.
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