Rs 15.75 cr net loss in Q3 for MARG

Feb 15 2013, 22:19 IST
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SummaryMARG had reported net profits of Rs 18.36 crore during the corresponding period of the previous year.

Diversified infrastructure development firm MARG Ltd has reported a net loss at Rs 15.75 crore for the third quarter ending December 31, 2012.

The Chennai-based company had reported net profits of Rs 18.36 crore during the corresponding period of the previous year, a company statement said.

For the nine month period ending Dec 31, 2012, net profits declined by 53.8 per cent to Rs 44.10 crore from Rs 95.49 crore registered during the same period of the previous year.

The total income for the third quarter ending Dec 31, 2012 slipped to Rs 172.52 crore as against Rs 483.04 crore registered in the corresponding period of the previous year.

For the nine month period ending Dec 31, 2012 total income declined to Rs 659.72 crore from Rs 1,108.91 crore registered during the same period of the previous year.

"MARG Group is better aligned with business needs and over the last year we have re-engineered our financial and business requirements to the economic and business realities. Our approach is now more cash flow and bottomline centric", MARG Ltd Chairman and Managing Director, G R K Reddy said.

"We are now directing our efforts to get strategic and financial partners and towards land sale so as to infuse fresh equity", he said.

Tenders for various projects valued at Rs 2,000 crore was in the bidding stage, the company said.

Shares of the company were trading at Rs 30.60 apiece, up by 3.73 per cent over the previous close in afternoon BSE trade.

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