Maytas Infra Sept quarter net loss at Rs 528.79 cr | business | Hindustan Times
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Maytas Infra Sept quarter net loss at Rs 528.79 cr

business Updated: Jun 29, 2010 15:00 IST

Maytas Infra, the company once promoted by a kin of disgraced Satyam Computer founder B Ramalinga Raju, on Tuesday, reported a net loss of Rs 528.79 crore for the quarter ended September 2009. The company had a net profit of Rs 16.84 crore in the same period ended September 2008.

"The company had witnessed unprecedented events and inspections or investigations by the government agencies. At the request of the company, the Company Law Board extended time for publishing the financial results for the quarters ended September, 2009, December, 2009 and year ended March 31, 2010, up to June 30, 2010," Maytas Infra said in a filing to the Bombay Stock Exchange.

Net sales of the company stood at Rs 174.92 crore during the September quarter, down 50.55 per cent, from Rs 353.76 crore in the same period previous fiscal. For the quarter ended December 2009, the company had a net loss of Rs 55.34 crore.

"The comparative figures for the quarter ended December 31, 2008, and nine months ended December 31, 2008, could not be provided since the company could not finalise and publish the same in view of unprecedented events," the company said.

For the year ended March 31, 2010, the company has reported a consolidated net loss at Rs 251.86 crore, while it had net loss of Rs 473.54 crore in the same period ended 2009. Shares of Maytas Infra were trading at Rs 210.85 on the BSE, down 2.88 per cent from previous close.

Last year, infrastructure firm IL&FS bought a majority stake in Maytas Infra, becoming the new promoters of the scam-hit company. Earlier this month, Saudi Arabia-based Bin Ladin Group made an open offer to acquire a 20 per cent stake in the Maytas Infra.