Raymond Q1 net loss widens

Consolidated net loss of premium textiles manufacturer Raymond Ltd widened to R49.68 crore in the quarter ended June 30 against R34.98 crore in the corresponding period a year ago.

Consolidated net loss of premium textiles manufacturer Raymond Ltd widened to Rs 49.68 crore in the quarter ended June 30 against Rs 34.98 crore in the corresponding period a year ago.

Net sales, however, increased 4.5% to Rs 874 crore from Rs 836 crore a year earlier, the company said in a filing to the BSE.

Sales of textiles, which contribute substantially to revenue, and profitability are of a seasonal nature, the company said in a statement on Thursday. Sales of high value added products are linked to festivals and winter seasons, it added.