Max India Q4 net loss narrows at Rs 1.39 cr

NEW DELHI, May 24: Diversified business group Max India today reported a narrowing of net loss at Rs 1.39 crore for the quarter ended March 31, 2012 driven by robust growth in speciality plastic products business.
The company had posted a net loss of Rs 13.47 crore in the corresponding period previous fiscal, Max India said in a filing to BSE.
Total income of the company for the fourth quarter ended March 31, 2012, however, rose to Rs 194.43 crore from Rs 129.16 crore for the same period a year ago.
During the quarter, the company’s specialty plastics business recorded revenue of Rs 173.72 crore as against Rs 117.08 crore in the year-ago period, it said.
The company further said it paid an advance sum of Rs 24.05 crore against equity investment in its subsidiary, Max
Bupa Health Insurance Company Ltd during the period under review.
Subsequently on May 1, 2012 the company has been allotted the shares for the said amount, Max India said.
The company on March 28 this year acquired 7,142,857 equity shares of Rs 10 each of its subsidiary Max Healthcare Institute Ltd from S&G Investments at an acquisition price of Rs 50 per equity share aggregating Rs 35.71 crore, it added.
For the year ended March 31, 2012 net loss of the company stood at Rs 15.44 crore. It was Rs 42.10 crore in the previous fiscal.
Total income of the company for the year ended March 31, 2012 rose to Rs 747 crore from Rs 462.95 crore in the previous year fiscal.


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