HCC posts net loss of Rs 19.7 crore in Q1 FY19

Infrastructure firm Hindustan Construction Company (HCC) on Wednesday reported a standalone net loss of Rs 19.7 crore for the June quarter, mainly due to rise in expenses. The company had reported a net profit of Rs 14.5 crore in the year-ago period. Total income increased marginally to Rs 1,001.18 crore, compared with Rs 991.12 crore last year, the company said in a statement. The expenses for the reporting quarter increased to Rs 1,029.99 crore, from Rs 971.63 crore in the year-ago. HCC's finance cost fell by 12 per cent year-on-year, in line with the reduction in debt from Rs 4,207 crore as on June 30, 2017 to Rs 3,719 crore as on June 30, 2018. Its order book currently stands at Rs 18,714 crore, excluding L1 bids worth Rs 1,213 crore. The company has also received Rs 1,624 crore till date under the CCEA's initiative to release 75 per cent of arbitral awards against bank guarantees, the release said.