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Chowgule Steamships standalone net loss widens to Rs 1.09 cr for June ended 2017 qtr

Goa-based Chowgule Steamships Limted (CSL) has reported widening of standalone net loss to Rs 1.09 crore for June ended 2017 quarter  against the standalone net loss of Rs 87.56 lakh recorded during June ended 2016 quarter(Year on Year). The standalone total income from operations for the current quarter declined to Rs 87.79 lakhs vis-ŕ-vis the standalone total income from operations of corresponding year ago quarter at Rs 138.80 lakhs.  The standalone total expenses of the company dipped to Rs 1.97 crore versus Rs 2.17 crore standalone total expenses grossed during the year on year period. Deferred tax asset are recognised to the extent it is probable that taxable profit will be available against which the deductible temporary difference and carry forward unused tax credit and unused tax losses can be utilised and has been restricted to the extent  of deferred tax liability.

 Narrows net loss to $0.85 mn in dollar terms

 In dollar terms with the 1USD  equivalent to INR 63.95, the company has reported a jump in total revenue to $2.2 million for the June ended 2017 quarter against the total revenue of $1.4 million logged during June ended 2016 quarter, the Profit Before Interest, Depreciation, Exceptional items and Tax  stood at $0.76 million for the current quarter under review in contrast with Profit Before Interest, Depreciation, Exceptional  Items and Tax registered negatively at -$0.1 mn during year ago review quarter(Year on Year). The net loss of the company narrowed to $0.85 mn versus -$6.8 mn recorded during Year on Year period.

 The company’s AGM has adopted a resolution to appointment of Professor Rohini Chowugle as a director liable to retire by rotation, similarly AGM has passed resolution to re-appoint Mr Nathan R Chowgule as a director liable to retire by rotation. The ordinary resolution of the AGM also gave nod to appointment of M/s CNK & Associates LLP(Chartered Accounts as auditors of the company) in place of M/s S.B.Billimoria, the retiring auditors.

 


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