Infrastructure major
Hindustan Construction Company (HCC) on Friday reported a standalone net loss of Rs 54.17 crore for the fourth quarter ended March 31 due to rise in interest cost and debt overhang, and said it expects 2012-13 to be harsh for the sector.
The company had posted a net profit of Rs 22.60 crore in the January-March quarter last year.
"In the backdrop of the current situation in the country where there is economic slowdown, particularly in the infrastructure sector, and delay in decision making, 2012-13 will continue to be harsh for the industry," HCC Chairman and Managing Director
Ajit Gulabchand said.
The company posted a 4.42 per cent decline in sales at Rs 1,156.24 crore for the quarter as against Rs 1,209.73 crore in the corresponding quarter last year.
HCC did not provide its consolidated results for the January-March quarter.
For the full year 2011-12, the company's net loss, on a consolidated basis, increased to Rs 530.09 crore vis-a-vis a net loss of Rs 64.58 crore in 2010-11. During the year, its net sales went up by 14 per cent in the last fiscal to Rs 8,157.63 crore.
Turnover for 2011-12 stood at Rs 4,002.75 crore as compared to Rs 4,143.97 crore a year ago.
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