HCC suffers yet another multi-crore loss

HCC suffers yet another multi-crore lossHindustan Construction Company (HCC) on Friday reported yet another quarterly loss, mainly due to long delays in realization of payments and clearances of projects.

HCC, one of the leading infrastructure companies in India, announced that it suffered a consolidated net loss of Rs 502.6 million in the quarter ended Mar 31, 2013. In the March quarter of the previous fiscal, the company had suffered a net loss of Rs 541.7 million.

Consolidated total operating income slipped 15.14 per cent year-on-year, from Rs 11.58 billion to Rs 9.83 billion. FOREX loss stood at Rs 115.5 million during the three months under review.

The company blamed poor economic environment and delays in decision making and clearances of projects for the poor quarterly results.

Commenting on the results, HCC Cahirman Ajit Gulabchand said, "I am disappointed with our annual performance which has resulted from operating in a disastrous economic environment made worse by fears in decision making that have delayed realization of payments & clearances of projects."

Mr. Gulabchand added that the company would take prudent measures, cut costs and monetize assets in the future to bring the company out of the red.

After the announcement of the results, HCC shares slipped 0.63 per cent to trade at Rs 14.15 apiece at the Bombay Stock Exchange (BSE). A total of 291,612 HCC shares exchanged hands on Friday.