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Lanco Infratech posts net loss of Rs 1,691 cr for April-June quarter

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B Dasarath Reddy  |  Hyderabad 


The stand-alone net loss of Infratech widened to Rs 1,691.49 crore for the quarter ended June, compared to Rs 127.77-crore loss in the corresponding quarter of the previous year. 

reported the highest net loss ever, which is unprecedented for a single quarter, after taking a Rs 1,131.83-crore liability from the operations. 

Lanco, through its wholly-owned subsidiary, Resources International, had acquired Griffin Coal in Australia for $730 million in 2011. 

These mining assets posted no meaningful returns, while its liabilities increased to $1.2 billion, including a new unsecured loan of $55 million. 

The corporate guarantees amounting to Rs 6,800 crore were related to Griffin Coal assets alone, a senior company official said.

Last month had deferred the board meeting and the announcement of its quarterly results after Hyderabad-bench of National Company Law Tribunal(NCLT) appointed an interim resolution professional(IRP) while initiating the insolvency process for the company in a petition filed by Bank. 

First Published: Thu, September 28 2017. 01:55 IST