Punj Lloyd posts Rs 19 cr loss in June qtr

Infrastructure company Punj Lloyd today said it has suffered a loss of Rs 19 crore in the June quarter due to delays in the development of projects by its customers.

The company had reported a net profit of Rs 69 crore during the corresponding quarter of the previous financial year.

"Revenues and profitability have been impacted primarily due to client related delay in execution of some of the projects including those in Libya," the company said in a statement.

The net sales for the first quarter of the current financial year stood at Rs 1,605 crore, compared to Rs 2,952 crore in the same period last fiscal.

The current orderbook position of the company is Rs 25,556 crore.

During the quarter, the company bagged orders from several companies including the Rajiv Gandhi Institute of Petroleum Technology to construct their technical institute at in Rai Bareli, UP. The contract is valued at Rs 180 crore and includes civil and structural work for construction of 27 buildings.

Punj Lloyd secured a contract from Hyundai Engineering & Construction for steel structure, equipment and piping installation work on Habshan-5 utilities and offsite project in the UAE for a value of approximately Rs 96 crore.

It has also bagged a contract worth Rs 2,056 crore for the Shah Gas Development project in Abu Dhabi in consortium with Technicas Reunidas of Spain. The consortium will execute the Gas Gathering Package for the project.

Shares of the company closed at Rs 128, down 3.36 per cent on the Bombay Stock Exchange.