Bata India posts loss for first quarter
Bata India registered a net loss of Rs 42 million ($858,541) for the first quarter of 2002 ending March 31, compared to a loss of Rs 30 million ($613,419) in the corresponding period last year.
The company attributed the negative operating results to lower turnover caused by depressed market conditions and disturbances in Gujarat. In a statement the company also said that it had discontinued supplying merchandise to several wholesalers due to non-payment, which also contributed to the performance.