Punj Lloyd continued book losses for the fourth quarter of financial year 2016-2017. According to a filing in the exchanges, the company reported a net loss of Rs 181 crore for the quarter. Compared to the same quarter in financial year 2016, the Company has cut losses as it had reported a net loss at Rs 396 crore.
Chairman at Punj Lloyd Group, Atul Punj said, “The suspension of our Singapore operations impacted our results however this was a onetime occurrence and is now behind us.” The company said that the Singapore High Court had placed its subsidiaries Punj Lloyd Pte Limited and Sembawang Engineering and Constructors Pte Limited have been put under judicial management. It said, “Pursuant to appointment of Judicial Managers, the Company lost control over these subsidiaries and were accordingly deconsolidated from the said date (June 27, 2016).
For the full financial year 2017, the company reported a net loss at Rs 850 crore, lower than the Rs 1513 crore net loss reported for financial year 2016. The Group’s order backlog stands at Rs 18,561 crores. The order backlog is the value of unexecuted orders on March 31, 2017 plus new orders received after that date.