Konkan Railway reduces losses to Rs 10-cr in FY 10

MUMBAI: Konkan Railway Corporation Ltd (KRCL) has narrowed its losses in FY 10 and aims to turn profitable from 2011-12.

The Corporation reduced its losses to Rs 10-crore in FY 10 as compared to Rs 79-crore in the year-ago period, a press release issued here on Friday stated.

The company clocked a total earning of Rs 741.59-crore in FY 10 while its profit before tax (PBT) rose to Rs 30.41-crore as against Rs 11.15-crore in the year-ago period, the release said.

"Konkan Railway is scaling new heights of success while working on the path of progress and is all set to turn into a profitable organisation by 2011-12," KRCL's Managing Director, Bhanu Prakash Tayal, said in the release.

The operating surplus of KRCL has also reached Rs 224.10 crore.

As a part of the strategic planning of the organisation, it has proposed to reduce its liability on bonds by redeeming bonds worth Rs 339.50 crore this fiscal, the release said.

"Liability on bonds came down from Rs 3,026-crore during the financial year 2000-01 to Rs 2,048.50-crore at the end of the financial year 2009-10. This year also, the Corporation is proposing to redeem bonds worth Rs 339.50-crore, leaving the outstanding amount at Rs 1,709 crore only," Tayal said.