SKS Micro posts Rs 384-cr loss

SKS Microfinance Ltd posted a net loss of Rs 384 crore in the second quarter ended September 30, 2011.

In the corresponding previous quarter, the Hyderabad-based company earned Rs 80.54-crore profit.

The loss was due to provisions and write-offs of Rs 353 crore in the Andhra Pradesh loan portfolio in line with the asset classification and provisioning norms of the Reserve Bank of India.

The total income dropped to Rs 122.9 crore (Rs 366.5 crore).

The loss per share stood at Rs 53.15, SKS Micro informed the Bombay Stock Exchange on Monday.

SKS scrip had gained 0.50 per cent to end at Rs 209 on the Bombay Stock Exchange on Friday.