Kelani Tyres Ltd (KLT) increased its accumulated (carry forward-c/f) losses for the six months ended September 30 of last year to Rs. 354 million, as against a loss of Rs 276.5 million made during the corresponding period in 2000, data on the company’s provisional financial statement of accounts for the period under review showed.

The seemingly chief reason for the increase in c/f losses according to this statement is the increase in brought forward (b/f) losses from Rs 265.8 million to Rs 330.2 million during the period under review.Meanwhile, KLT’s equity during the period under review decreased from Rs 191.3 million to Rs 113.9 million due to the increase in accumulated losses by Rs 77.47 million to Rs 354 million.

Meanwhile, the company made a loss of Rs 23.79 million during the period under review, as against a loss of Rs 10.64 million the previous year, chiefly because the ‘share of results of joint venture losses’ increased from Rs 4.35 million to Rs 19.11 million during this period. KLT’s ‘other operating income’ during the comparative period increased from Rs 2.715 million to Rs 2.968 million, but, due to a Rs 7.644 million administrative expenses bill, the company made an operating loss of Rs 4.676 million during the period under review. The company made an operating loss of Rs 6.292 million during the comparative period the previous year. .(PA)