Punj lloyd, punj lloyd news, Punj Lloyd cons Q4 net loss at Rs 301 cr

Punj Lloyd has declared its fourth quarter results of FY10. It has reported consolidated net loss at Rs 301 crore as against loss of Rs 256 crore.

Results included exceptional gain of Rs 322 crore versus Rs 2 crore.

Net sales declined to Rs 1,700 crore from Rs 3223 crore. Earning before interest, depreication, tax and amortisation (EBIDTA) loss increased to Rs 515 crore from loss of rs 63 crore.

Factors

-Results impacted by additional costs in Simon Carves and ONGC

-Simon Carves UK incurred a loss of Rs 400 crore in Q4FY10, levy of Rs 65.5 crore as liquidated damages by ONGC

-Atul Punj Says “While we are in dialogue with some of the clients with regard to a waiver or reduction of these amounts, we have also, over the year worked on strengthening our risk mechanisms and streamlined our operations. We have also completed repayment of all loans and outstanding of Simon Carves UK”

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