The auditor of FACT (Fertilizers Chemicals Travancore) said that the shares of the company slid down by 14 per cent in the afternoon. Downward jump in the shares begets erosion in the companys net income. (Source: ET)
Within the day, FACTs scrip goes down to the lowest INR 34.65. Further, the company accounted for a net loss of INR 49.77 crore at the end of yesteryear (2018) alongside the net loss of INR 4.41 crore in Q3. In Q3 FY19, expenditure of the company plunged to INR 647.86 crore from the earlier INR 591.52 in Q3 FY18.
The auditor of the company said that the company incurred a net loss of Rs 4,977 lakh during the quarter ended December 31, 2018, and the net worth of the company has been fully eroded. This condition indicates the existence of material uncertainty which may cast significant doubt as to companys ability to continue as a going concern. (Source: ET)
The above statement does not tell recuperating actions the company would be taking in terms of its rugged business course. In the present quarter, the manufacturer showed a net income of INR 591.36 crore whilst in the last year, the manufacturer earned revenue of INR 583.20 crore (in Q3).