C&C Constructions hits new low on disappointing Q4 nos
Post net loss of Rs 56 crore in Q4FY12 against a net profit of Rs 8.87 crore in previous year quarter
C&C Constructions has plunged 14% to Rs 67.45 after reporting a net loss of Rs 56 crore for the fourth quarter ended March 2012, due to lower operational income and higher interest cost. The construction and engineering company had a net profit of Rs 8.87 crore in a year ago quarter.
The income from operations has declined by 7% at Rs 246 crore during the quarter under review, while total expenditure increased 19% to Rs 258 crore on year-on-year basis. The interest cost jumped 43% to Rs 50 crore from Rs 35 crore in the year ago quarter.
The stock opened at Rs 74.10 and hit a new low of Rs 65.10 on the Bombay Stock Exchange. A combined 24,084 shares have changed hands on the counter in noon deals on both the exchanges.