Hindustan Construction Company Q4 net loss at Rs 50.26 cr

Hit by lower income and higher raw material consumption, Hindustan Construction Company continued to be in the red reporting Rs 50.26 loss in the fourth quarter ended March 31, 2013.

The Mumbai-based engineering and construction firm had clocked Rs 54.17 crore loss on a standalone basis in the same quarter a year ago, it said in a BSE filing.

The primary reason for HCC incurring loss yet again in the reporting quarter is its dipped income which plummeted to Rs 982.92 crore from Rs 1,156.25 crore in the same quarter previous fiscal.

However, despite the dip in income, cost of raw material consumed by the company rose to Rs 379.90 crore during the January-March quarter from Rs 272.16 crore a year ago.

For the full-year, HCC's loss stood at Rs 137.64 crore on a total income of Rs 3,837.29 crore in 2012-13.

The consolidated loss of the company during 2012-13 stood at Rs 482.46 crore from a total income of Rs 8,509.98 crore.

HCC also announced the appointment of Rajgopal Nogja as Group Chief Operating Officer and whole-time Director.

Nogja will oversee the functioning of group companies HCC, Lavasa Corporation Ltd, Steiner AG, HCC Real Estate, Highbar Technologies, Charosa Wineries and HCC Aviation, the infrastructure major said.

Prior to this, Nogja was Group President- Development Companies, since 2011.