BEML posts Rs.14 crore net loss in Q4 of 2011-12

Bangalore, May 31 (IANS) State-run defence behemoth BEML, at the centre of a controversey involving its Tatra heavy-duty trucks, reported a Rs.14 crore net loss for the fourth quarter of fiscal 2011-12 as against a net profit of Rs.70 crore in same period of previous fiscal (2010-11), registering a whopping decline of 80 percent year-on-year (YoY).

In a regulatory filing late Thursday, the Bangalore-based public sector enterprise said net profit for the entire fiscal under review (FY 2012) also declined 61 percent YoY to Rs.57 crore from Rs.147 crore in fiscal 2011.

The company has recently got embroiled in a raging controversy with the Indian Army, whose outgoing chief Gen. V.K. Singh, who said he was offered a bribe to accept sub-standard vehicles.

The company's total income from operations, including net sales and other income for quarter under review (Q4), declined 16 percent to Rs.793 crore from Rs.942 crore in like period an year ago.

Consolidated income for whole fiscal (2011-12), however, is marginally up 2.7 percent YoY to Rs.2,715 crore from Rs.2,644 crore in the previous fiscal (2010-11).

Sequentially too, the net profit declined 65 percent to Rs.14 crore in last quarter from Rs.40 crore in the third quarter (October-December) of fiscal under review.