Moser Baer posts standalone loss of Rs 131 crore in Q2

Compact disk maker Moser Baer India Ltd (MBIL) on Friday reported a standalone net loss of Rs 131.73 crore for the quarter ended September 30, 2013.

The city-headquartered firm had posted a net loss of Rs 87.62 crore in the corresponding period last year, it said in a filing to the BSE.

Standalone net sales of the company declined by 30 per cent to Rs 289.61 crore in the quarter ended September, 2013, from Rs 414.27 crore in the same quarter of the previous fiscal year.

"Second quarter financial affected by an unrealised forex loss of Rs 28.45 crore on account of the long term foreign currency liabilities," the company said in a statement.

"During the quarter, the company faced short term liquidity challenges which are being addressed with active co-operation of our banks. We continue to ramp up operations in Solid State Media and develop emerging technologies,"

Further, the company is focusing on rationalising operating costs and consolidating operations to generate cost efficiencies, he added.

Based on the recent announcement of Domestic Content Regulations (DCR), under Jawaharlal Nehru National Solar Mission, Mosar Baer is finalising plans to recommence cell manufacturing and is in discussions with banks for the corresponding facilities, it said.

"Consolidation of manufacturing activity at one location is helping optimise operations cost, thereby resulting in improved performance. We are focusing on growing solid state media business and development of LED lighting business," MBIL chief executive (storage media) Bhaskar Sharma said.