ABG Shipyard reports Rs 173 crore net loss in September qtr

ABG Shipyard Ltd today reported a net loss of Rs 173 crore for the quarter ended September 30 after total income from operations slumped by 80 per cent.
The company had reported a net profit of Rs 1 crore in the corresponding quarter of the previous fiscal, the company said in a filing to BSE.
"Due to slowdown in shipping and shipbuilding in global markets, the company faced large orders cancellations. This resulted in shortage of working capital affecting company's performance," ABG Shipyard said.
The company, however, said Corporate Debt Restructuring (CDR) scheme implementation has started with releasing of first tranche of Rs 650 crore (Rs 295 crore disbursed till date). The objective of CDR scheme is to release additional working capital to accelerate ship delivery in next three years," it said.

The total income from operations of the company during the quarter was Rs 74 crore, registering a decline of 80.2 per cent over the corresponding period of last fiscal.
The company's total income from operations in the July-September quarter of FY'14 was Rs 374 crore, ABG Shipyard said.
Shares of the company closed at Rs 237.75 on BSE, up 0.93 per cent from their previous close.