India's Aditya Birla Nuvo posts Q1 loss
NEW DELHI, Aug 4 (Reuters) - Diversified Indian firm Aditya Birla Nuvo Ltd (ABRL.BO: Quote, Profile, Research) reported a consolidated quarterly net loss on Monday, mainly due to a bleeding life insurance business where income would take time to accrue.
The company, which has interests in textiles, financial services and telecoms, posted a net loss of 283.20 million rupees ($6.7 million) in its fiscal first quarter ended June 30, compared with a net profit of 946.90 million a year earlier.
Total income rose to 32.53 billion rupees from 21.98 billion, the company said.
It said losses in its life insurance business rose to 1.47 billion rupees from 336 million a year earlier, while its outsourcing activities incurred a loss of 236 million rupees against 79 million. ($1=42.4 rupees) (Reporting by Devidutta Tripathy)
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