Maytas Infra losses swell to Rs 43.5 cr

Maytas Infra Ltd, in which the Saudi BinLadin group company SBG Projects Investments Ltd is now a shareholder, reported net loss of Rs 43.5 crore for the quarter ended June, as compared with a net loss of Rs 16.3 crore in the corresponding quarter a year earlier.

Revenues were Rs 207.5 crore during the period, as against Rs 239.7 crore earlier, a decline of 13.4 per cent.

During the period under review, the company signed one-time settlement agreements with two banks.

The impact of these is Rs 51 crore, which has been considered in the quarterly results. The company is pursuing one-time settlements with some more banks, Maytas Infra said in a filing to the Bombay Stock Exchange on Friday.

Maytas Infra’s lenders approved its debt restructuring in July 2009.

After inducting IL&FS as the promoter, the scheme was modified and lenders’ approval taken on March 30 this year. The Master Restructuring Agreement is under implementation and the impact of the approved package has been considered in the results, it added.

Maytas Infra’s scrip is currently at Rs 222.95 on the BSE, down 1.35 per cent over the previous close of Rs 226.