Maytas turnover slides 33%, CDR to open new debt routes

Written by fe Bureau | Hyderabad | Updated: Jun 30 2010, 07:19am hrs
Maytas Infra's turnover dipped 33% to Rs 1,150 crore for the year-ended March 31, 2010, compared with Rs 1,719 crore last fiscal. After accounting for extra-ordinary items and provisions, the loss for the year was Rs 251.86 crore, compared with Rs 473.54 crore, last fiscal.

Operating loss was Rs 276 crore, compared with Rs 407 crore previous fiscal. It registered a net loss of Rs 528.79 crore for the quarter ended September 2009, even while the company had a net profit of Rs 16.84 crore in the same period ended September 2008.

In a filing to the BSE, the company said it witnessed unprecedented events and inspections or investigations by the government agencies. At the request of the company, the Company Law Board had extended the time for publishing the financial results for the quarters ended September 2009, December 2009, and year-ended March 31, 2010, up to June 30, 2010.

Net sales of the company were Rs 174.92 crore during the September quarter, down 50.55% from Rs 353.76 crore in the same period previous fiscal. For the quarter ended December 2009, the company reported a net loss of Rs 55.34 crore.

The comparative figures for the quarter ended December 31, 2008 and nine months ended December 31, 2008, could not be provided since the company could not finalise and publish the same in view of unprecedented events, the company said.

With its CDR (corporate debt restructuring) approved by lenders, the company is now in a position to avail of additional credit facilities and gradually ramp-up operations in the current year. Under the CDR, it will transfer investment aggregate worth Rs 310 crore to Maytas Investment Trust.

The board of directors has convened an extraordinary general meeting of shareholders on July 19 to approve issue of 6% optionally convertible cumulative redeemable preference shares (OCCRES) with an option to convert 30% of these preference shares into equity shares of the company.

The extraordinary general meeting will also look to approve the preferential issue of 1,54,59,133 equity shares of Rs 10 each at a premium of Rs 185.30 per share to Saudi BinLadin Group to enable it to acquire 20% of the enhanced paid-up capital.