HCC Q1 net plunges 90% at Rs 3 crore

Mumbai : Hindustan Construction Company today reported a dip of 90% in standalone net profit to Rs 2.9 crore for the quarter ended June 30, 2011, on account of higher interest payments and a slowdown in infrastructure activities.

The company had posted a net profit of Rs 28 crore for the corresponding period last fiscal, it said in a filing to the Bombay Stock Exchange.

Net sales of the company also registered meagre growth of 5% to Rs 1,060 crore during the quarter under review, compared to Rs 1,008 crore in Q1 of 2010-11, the filing added.