Taking necessary steps to augment its net worth
Hindustan Motors turned in on Monday, a dismal balance sheet ending 2011-12 with a Rs.29.96 crore net loss against a marginal Rs.75 lakhs net profit in the year before.
Net revenue too plummeted to Rs.495.48 crore from Rs.654.79 crore.
The company informed the bourses that the operating results were affected due to the adverse exchange rate of the US dollar to the Japanese yen as well as market conditions.
The Japanese currency becomes relevant for the Chennai plant where the Mitsubishi range of cars (with imported components) are produced.
The company, said the management was in the process of taking necessary steps to augment its net worth and to improve the operating results through preferential issue of capital to the promoters or its group companies, sale of non-core assets and introduction of new variants of cars.
Keywords: Hindustan Motors performance