Ashoka Buildcon reports Q4 net loss at Rs 7 crore
Highways sector player Ashoka Buildcon Limited reported a net loss of Rs 7.31 crore for the fourth quarter ended March 31
Highways sector player Ashoka Buildcon Limited on May 20 reported a net loss of Rs 7.31 crore for the fourth quarter ended March 31. The company had reported a net profit of Rs 37.80 crore in the corresponding quarter of 2014-15. "The company has provided/ written off Rs 57.02 crore in Q4 2015-16 on account of termination of PNG Tollway," it said in a statement. Its consolidated total income for the quarter declined to Rs 751 crore against Rs 810 crore in the year-ago period. The company said its engineering, procurement and construction (EPC) division clocked an income of Rs 561 crore, while build, operate and transfer (BOT) division recorded a toll collection of Rs 265 crore. "Rs 75 crore is from associates (Project SPVs) while consolidated net worth including minority interest is Rs 2,367 crore and consolidated gross debt is Rs 4,115 crore," the statement said. PNG Tollway Ltd has terminated the service concession agreement after giving notice to National Highways Authority of India (NHAI) and has claimed compensation from NHAI.