SCI's auditors have meanwhile rapped the company for its failure to keep proper records of the transactions relating to expense and revenue.
ABG Shipyard on Wednesday said that the company's net profit during the October-December quarter fell by 60% to Rs 18.62 crore as against Rs 46.47 crore in the year ago period.
Total income for the company also rose by 8% during the period to Rs 219 crore as against Rs 201 crore in the corresponding period, last fiscal.
Last month, JNPT finally decided to give its nod to the project after the PM asked the union shipping minister to review the situation.
JNPT’s plan of mega container terminal along with a ship repair facility hits a roadblock as it was forced to give nod to Mumbai Trans-Harbour Link Project.
The development is the latest in a series of setbacks that port operators have faced over the past few years due to denial of security clearance.
While the company is uncertain about the stake offloading, the money will be used to step up its presence on the country’s east coast.
Redemption Co expected to undertake debt restructuring as total outstanding amount jumps to Rs 3,400 crore from Rs 1,800 crore in 2009.
The company had earlier received a similar contract when it was awarded a similar contract worth Rs 977 crore for the construction of 36 vessels.
The company's market capitalization has eroded by more than half to Rs 287 crore as on Monday.
- No blogs yet have been written by the author, we’re sure the author will contribute one soon