Jaiprakash Associates posts Rs 88 cr loss for Q3

Jaiprakash Associates today reported a standalone net loss of Rs 88.7 crore for the quarter ended December 31, 2013.
The company had posted a net profit of Rs 110.9 crore for the same period last fiscal.
Total income from operations in the third quarter of the fiscal came down to Rs 3,163.5 crore, from Rs 3,430.8 crore in the same quarter of the previous financial year, the company said in a filing to the BSE.
Total expenses of the company also dropped to Rs 2,615.70 crore during the period under review, from Rs 2,817.14 crore in the year-ago period.
The company also said that the Gujarat Cement units of Jaypee Cement Corporation Ltd (JCCL), a wholly-owned subsidiary of Jaiprakash Associates, "comprising an integrated cement unit at Sewagram and grinding unit at Wanakbori, an at enterprise value of Rs 3,800 crore, besides the actual net working capital, is in the process of demerger into Ultratech Cement Ltd."

In another filing to the BSE, Jaiprakash Associates said that the board of directors of the company has co-opted S C Rathi as the nominee director of LIC of India and K N Bhandari as an independent director in the casual vacancy caused due to the demise of B K Taparia.
Further, S C Gupta cease to be a Director of the company consequent upon his resignation due to personal reasons.