New Delhi, July 01: Industrial Finance Corporation of India (IFCI) reported a loss of Rs 259.6 crore in financial ’03. Even though the loss is 70% less compared to Rs 884.7 crore reported last year, the institution is in bad shape. Without government support of Rs 1,830 crore, the loss for this year would have crossed the last year figure.

The operational income of the institution dropped from Rs 2,218.5 crore to Rs 1,403.4 crore, a decline of 36%.
The total income of the institution dropped from Rs 2,248.6 crore to Rs 1,438.2 crore, a drop of 36%. But, the institution has been able to bring down the cost of borrowings and other expenditure made by it.
IFCI brought down borrowing cost by 34% by restructuring its loans and investment. The cost came down from Rs 2,393.4 crore to Rs 1,558.1 crore. Bureau Report