Emmar developers has a net loss of Rs.206cr in FY11

New Delhi: Emaar MGF developer has said that it has recorded a net loss of Rs. 205.94cr for the year ended March 31, 2011 particularly on account of selling its hospitality project in Kolkata at discount.
Whereas according to the company’s previous years statement show the net profit of Rs.73.81cr, Emaar MGF said in a filing to the Bombay Stock Exchange (BSE). However the total income has decreased by 1.25 per cent to Rs 1,053.70 crore in 2010-11 from Rs 1,067.07 crore in 2009-10, it added.
In the current financial year the company has repaid about Rs 960 crore of debt. Its total debt stands at Rs 4,540 crore as on March 31.
According to the company senior officials its raw materials cost went up by 17.24 per cent to Rs 633.77 crore from Rs 540.58 crore in 2010-11, it added.
On the other hand expenditures of the company also rose by over two-fold to Rs 255.76 crore in FY’11 from Rs 107.43 crore in FY’10, Emaar MGF said.

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