IFCI records losses for 2001-02 at Rs 885 cr
By Our Banking Bureau | 29 Jun 2002
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New Delhi: Industrial Finance Corporation of India (IFCI) has incurred a net loss of Rs 884.7 crore in 2001-02, over three times more than Rs 265.93 crore registered in the previous fiscal. It has also shown an operating loss of Rs 253 crore, against a Rs 233.97-crore operating profit in 2000-01.
The board of directors of the sick financial institution (FI) met on Friday to take on record the financial results.
Its basic and diluted earnings per equity share (not annualised) stood at -14.57 at the end of March 2002 as against -5.09 as on 31 March 2001. IFCI has a paid-up capital of Rs 638.68 crore and a preferential share capital of Rs 449.27 crore. The government infused Rs 400 crore last year as tier-I capital and Life Insurance Corporation Rs 200 crore as tier-II capital in the form of 20-year convertible debentures. Reserves excluding revaluation reserves declined to Rs 249 crore from Rs 250.35 crore the previous year.
