HCC posts loss of Rs.17.9 crore
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Infrastructure company Hindustan Construction Company (HCC) narrowed its net loss to R17.9 crore in the second quarter ended September 30, compared to a loss of R40.5 crore in the corresponding period last year. The company clocked in total income of R864.3 crore, a 4.2% rise from last year's quarter.
HCC, which bagged a R373-crore order from the Delhi Metro earlier this week, said its order book stands at R8,396 crore as of September 30. In addition, the company has secured orders for more than R580 crore.
"The environment continues to be challenging for the infrastructure sector. HCC has undertaken several measures to deliver performance even in this lean period," Praveen Sood, Group chief financial officer, HCC said.
HCC's unit, Lavasa Corp, has resumed development and construction activities and launched its new range of apartments in its second town, Mugaon. The ministry of environment and forests had stalled construction at the site for violating environmental laws, but last year, the project got clearance from the ministry.
In June, the company said in a filing that its board has approved the restructuring of the company's debts as per the restructuring package approved by the CDR Empowered Group in June. HCC shares closed up 2% at R17.55 on Friday on the Bombay Stock Exchange. The shares have lost 36% of their value in the last one year.
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