Piramal Enterprises reported a net loss of R227.3 crore for FY13 against a profit of R111.5 crore last year due to higher interest costs.
The company’s interest cost was higher at R575 crore for the year against R215.5 crore last year. The higher interest cost was a result of debt raised by Piramal Enterprises to fund acquisitions of Vodafone shares, Decision Resources Group and to fund the financial services business.
The company’s total income for the year stood at R3,544.3 crore against R2,352.3 crore a year ago.
The company’s R&D spend for FY13 stood at R286.7 crore against R233.1 crore in FY12.
Piramal Enterprises? net loss widened to R200.4 crore for the quarter ended March 31, 2013, against a loss of R39 crore a year ago. The company’s quarterly total income stood at R938.6 crore compared with R688.1 crore a year ago. The company showed R157.5 crore revenues from the information management business during the quarter, R657.2 crore from pharma manufacturing and services, and R125.3 crore from financial services. Piramal Enterprises shares closed 0.54% down at R544.95 on the Bombay Stock Exchange on Friday.