Lanco Infra Q1 net loss widens to Rs 579 crore | business | Hindustan Times
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Lanco Infra Q1 net loss widens to Rs 579 crore

Lanco Infratech today reported a widened net loss at Rs 579 crore for the quarter ended June, from loss of Rs 441 crore in the year-ago period, mainly on account of forex losses and power business decline.

business Updated: Aug 09, 2013 00:46 IST

Lanco Infratech today reported a widened net loss at Rs 579 crore for the quarter ended June, from loss of Rs 441 crore in the year-ago period, mainly on account of forex losses and power business decline.

Consolidated gross revenue during the quarter under review were down 28% at Rs 2,914 crore against Rs 4,030 crore in the same quarter last year.

The company has Rs 3,285 crore towards total outstanding receivables from various State Power utility companies as on June 30. Forex losses stood at Rs 220 crore, Lanco said in filing with bourses.

Revenues from the power division declined by 3% to Rs 2,022 crore while cash profit was down by 26% to Rs 426 crore.

The company has initiated corporate debt restructuring for standalone debt of Rs 7,500 crore.