India: Indian Rayon incurs Rs 241-crore loss.

INDIAN Rayon & Industries Ltd has recorded a net loss of Rs. 241.23 crores for the year ended March 31, 2000 as compared to a net profit of Rs. 106.04 crores in the previous year.

The profit has been impacted negatively due to the provision of a one-time non-cash loss of Rs. 298.82 crores on the assets of sea water magnesia plant by bringing down the value of its realised value on the closure of the plant. "This was the value creating exercise done by the company, as, in future years, recurring operating losses and depreciation will stop," the company has said.

Indian Rayon also incurred Rs. 99 lakhs as share buyback expenses.

In October 1999, the …