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IFCI net loss rises to Rs 885 cr

Our Bureau

NEW DELHI, June 28

IFCI Ltd net loss has risen to Rs 884.70 crore for fiscal 2001-02 against a net loss of Rs 265.93 crore in the previous fiscal. The institution has shown an operating loss of Rs 253.12 crore against an operating profit of Rs 233.97 crore in the previous year. Provisioning for bad and doubtful debts have risen from Rs 495.89 crore to Rs 631.57 crore.

IFCI said that one of the significant factors that resulted in the loss is the tightening of the norms for income recognition, asset classification and provisioning. These include reduction of time period for substandard assets from 24 months to 18 months, reduction of the time for identification of NPAs from 1 year to 180 days in respect of default on principal and new norms for project under implementation where projects with time overruns of more than 2 years should be classified as NPAs.

IFCI's income from operations have declined to Rs 2,218.53 crore from Rs 2879.92 crore. Other income has, however, risen from Rs 10.46 crore to Rs 30.11 crore. Total expenditure, including depreciation, worked out to Rs 2,501.77 crore against Rs 2,656.42 crore.

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