The automotive component and white goods manufacturer's total income has dropped by over 27 per cent to Rs 184.80 crore, from Rs 380.81 crore (Rs 253.87 crore annualised) in the previous 18-month accounting period.

According to the unaudited financial results taken on record by its board at a meeting on Friday, the company's sales have dropped by 6.43 per cent to Rs 42.2 crore in the first quarter (January-March) of 1999, against Rs 45.1 crore in the same quarter of 1998. Its net loss increased to Rs 14.08 crore from Rs 13.07 crore in the first quarter of 1998.

Over the last three financial years, the company's performance nosedived from a net profit position of Rs 26.59 crore in the year to June 30, 1996, to a Rs 61.6 crore (Rs 41.05 crore annualised) net loss inthe 18-month period to December 31, 1997, followed by another Rs 53.9 crore net loss in the year to December 31, 1998.

In its last annual report, the company had noted that the investments in the domestic appliances division resulted in a "very heavy interest burden owing to high cost of funds". The company's interest burden increased by 28.69 per cent to Rs 49.75 crore in 1998, against Rs 57.99 crore (Rs 38.66 crore annualised) in the 18 months to December 31, 1997. In the 12 months to June 30, 1996, its interest burden was only Rs 14.88 crore.

In the first quarter of 1999, IFB Industries' interest burden has gone up by 15.43 per cent to Rs 14.36 crore, from Rs 12.44 crore in the same quarter in 1998.