New Delhi: Electronics company Videocon on Thursday reported a whopping 98.79 percent fall in net profit at Rs 1.04 crore for the third quarter ended December, 2012 due to huge finance cost.
The company had posted net profit of Rs 86.42 crore for the same period a year ago.
The total income from operations of the company declined by marginally at Rs 3,082.63 crore during the reported quarter from Rs 3,087.99 crore it posted in corresponding period a year ago, it said in a BSE filing.
The company incurred finance cost of Rs 421.86 crore during the reported quarter.
Shares of Videocon Industries today closed at Rs 183 apiece, down 4.71 percent from their previous close, at the BSE.
The auditors in their reports said Videocon has invested Rs 4,000 crore in the Videocon Telecommunications (VTL). Videocon also gave advances to its telecom arm VTL, they said.
In the November 2012, VTL won spectrum in six circles to continue its operations, after the Supreme Court had cancelled its 21 licences in February.