HCC’s net loss narrows

Indian contractor HCC has reported a net loss of INR 17.9 crore (US$ 3.3 million) for its fiscal second quarter, an improvement on the INR 40.5 crore (US$ 7.5 million) net loss it reported for the same three months last year.

The company also reported a slight recovery in turnover, which was up to INR 864.3 crore (US$ 160 million) for the quarter ended September 30, 2012 compared to INR 837.7 crore (US$ 155 million) in the second quarter of 2011.

Operating profit also saw an increase at INR 110.6 crore (US$ 20.4 million) versus INR 100.1 crore (US$ 18.5 million) in the same period last year. HCC's order book stood at INR 15,084 crore (US$ 2.78 billion) at the end of the quarter.

In India, the company said its domestic developer Lavasa had resumed development and construction activities, after being previously affected by long-standing delays and legal issues relating to a development near Pune, Maharashtra.

It said Lavasa had since launched a new range of apartments in its second town, Mugaon. HCC said it had also completed the first phase of the Dhule Palesner Highway (NH3) and has also built the majority of phase two – a 13km stretch due to be completed by 2015.