Whirlpool of India (500238) Q4 97/98 earnings summary

Executive summary

• 15-month period ended Mar. 31, 1998 closed with a net loss of Rs12,997.81 lakh; a Rs2,656.05 lakh extraordinary gain from business disposals reduced the loss.ocument-source]10[/document-source]

• Recession and weak refrigerator demand weighed on sales; the Whirlpool brand gained awareness and market share, with Apr.-Sept. 1998 sales up 55% YoY.ocument-source]4[/document-source]

Financial highlights

• Sales and services were Rs66,630.83 lakh; total income including other income was Rs67,287.48 lakh for the 15 months ended Mar. 31, 1998.ocument-source]10[/document-source]

• Net loss was Rs12,997.81 lakh vs. Rs6,430.13 lakh in the prior 15-month period; periods are not directly comparable due to the merger and differing divisional coverage.ocument-source]10[/document-source]

• Excluding the Rs2,656.05 lakh extraordinary disposal gain, loss after tax was Rs15,653.86 lakh; a one-time provision of about Rs35 crore covered doubtful debts, damages, obsolescence and inventory differences.ocument-source]4[/document-source]

• No dividend was recommended in view of losses.ocument-source]4[/document-source]

Outlook and guidance

• Sales for Apr.-Sept. 1998 grew 55% YoY; updated products, adequate capacity and a lower cost structure were positioned to address growing market opportunities.ocument-source]4[/document-source]

• Cost reduction, product-mix improvement, quality and service were management priorities to address losses.ocument-source]4[/document-source]