HDIL registers Rs 279.95 cr loss for Q4

NEW DELHI: Housing Development and Infrastructure Ltd ( HDIL) today said it has received notice of termination of a slum rehabilitation project from Mumbai International Airport Ltd.

"The Mumbai International Airport Ltd has served notice of termination on the company for Mumbai International Airport Slum Rehabiliation project citing unsubstantial charges," HDIL said in footnotes attached to financial results filed with BSE.

However, the company has not accepted the said notice and has initiated legal remedies, Mumbai-based developer said.

HDIL said it has reported a consolidated net loss of Rs 279.95 crore for the fourth quarter of the 2012-13 due to lower revenues and write off of unrealised cost pertaining to Mumbai International Airport Slum Rehabilitation project.

The company had posted a net profit of Rs 315.52 crore in the same period of the previous year.

"The Board following its conservative accounting has written off unrealised cost aggregating Rs 441.98 crore pertaining to Mumbai International Airport Slum Rehabilitation project as exceptional item in the current period's financial result for the quarter ended March 31, 2013," HDIL said.

Total revenue declined to Rs 142.72 crore during the fourth quarter of 2012-13 fiscal from Rs 625.23 crore in the year-ago period.

For the entire 2012-13 fiscal, the company's consolidated net profit sharply declined to Rs 73.33 crore from Rs 809.83 crore in the previous fiscal.

Net revenue fell to Rs 1025.24 crore from Rs 2009.06 crore in the review period.

The shares of the company fell by 6.8 per cent to close at Rs 47.95 on the BSE.