Rakon full-year loss widens on 16% sales drop, impairment of Indian JV

Wed, 17 May 2017

By Jonathan Underhill May 18 (BusinessDesk) - Rakon posted a wider full-year loss after sales fell 16 percent and the company recognised an impairment against its Centrum Rakon India joint venture. The net loss widened to $13.6 million in the 12 months ended March 31, from $1.7 million a year earlier. Sales fell to $94.7 million from $112.7 million, while cost of sales recorded a more modest decline to $61 million from $64.8 million. The latest results include impairments of about $6.6 million, of which $3.2 million was against the car...

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