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Max India net dips

Posted on Aug 13 2014 | IANS

Mumbai, Aug 13 : Max India Ltd closed its first quarter of 2014-15 with a net profit of Rs.81.26 crore down from Rs.101.14 crore posted during corresponding period of the previous year.

In a filing with the Bombay Stock Exchange (BSE) Wednesday, the company said it earned a total income of Rs.113.41 crore for the quarter ended June 30, 2014 as against Rs.281.12 crore logged during the previous year's first quarter.

According to the company, previous year's figures have been regrouped/reclassified.

"However, on account of the slump sale of MSF (Max Specialty Film) division, the figures for the previous periods are not comparable," the company said.

Max India said the MSF division had earned Rs.186.87 crore during the first quarter of the current fiscal as compared to Rs.156.50 crore earned for the period ended June 30, 2013.

The company's board has recommended to the shareholders to approve two resolutions for increasing the borrowing limit of the company up to Rs.750 crore and for creation of charge/pledge/mortgage to secure the company's borrowings.

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