Maytas Infra posts Rs 490 crore loss
IANS | HT Correspondent, Mumbai
Aug 31, 2009 02:08 PM IST
Infrastructure company Maytas Infra posted a net loss of Rs 489.79 crore last fiscal compared to a profit of Rs 99.64 crore in the previous period, it said in a regulatory statement today.
Infrastructure company Maytas Infra posted a net loss of Rs.489.79 crore last fiscal compared to a profit of Rs.99.64 crore in the previous period, it said in a regulatory statement on Monday.
The Hyderabad-based company, promoted by the family of B. Ramalinga Raju, the disgraced former chairman of the scam-hit Satyam Computers, also said that revenues in 2008-09 were down 19 percent to Rs.1,335 crore from Rs.1,637 crore it logged the previous fiscal.
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The company attributed the losses to accounting adjustments due to lower level of operations, clients not certifying the work done and some damages imposed by clients.
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