ANSAL API's Q4 loss widens to Rs 27.41 crore

NEW DELHI: Realty developer Ansal Properties and Infrastructure Ltd (ANSAL API) consolidated net loss has widened to Rs 27.41 crore for the fourth quarter ended on March 31, 2013.

The company had posted a net loss of Rs 22.36 crore in the year-ago period, it said in a BSE filing today.

However, during the quarter total consolidated income from operations of the company increased to Rs 358.48 crore from Rs 325.25 crore in the same period year ago.

For the entire 2012-13 fiscal the company's net profit marginally declined to Rs 4.76 crore from Rs 4.95 crore in 2011-12 fiscal.

However, the total income of the company in 2012-13 fiscal increased to Rs 1,231.96 crore from Rs 1,160.07 crore in 2011-12 fiscal.

Commenting on the results Vice Chairman and Managing Director of ANSAL API Pranav Ansal in a statement said,"During Q4 FY,13, due to change in the accounting treatment of revenue and cost relating to infrastructure business after due deliberation, some part of the revenue was being eliminated in the consolidated financial statements of the company.

"Thereby, resulting in negative consolidated profits during the quarter."

He added that the company managed to sell 20 million sq ft in 2012-13 with better realisation than 2011-12 and managed to sell at Rs 1,978 per sq ft in 2012-13 from Rs 1,577 in 2011-12, excluding FSI sales.

"The Board of the directors of the company has not recommended any dividend for the year ended 31st March, 2013 keeping in view unfavourable economic situation of the country as a whole and in particular in real estate industry," it said in a filing.

Shares of the company today rose by 1.92 per cent to settle at Rs 23.85 apiece from its previous close at the BSE.