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Construction and engineering major Gammon India today reported a net loss of ₹ 90.63 crore for the first quarter ended June 30, 2016. The company had posted a net loss of ₹ 149.14 crore in the same period last year, it said in a BSE filing.
Net sales rose to ₹ 861.10 crore during the quarter as compared to ₹ 747.76 crore in the year—ago period.
Total expenses rose slightly to ₹ 847.18 crore during the period, as against ₹ 843.41 crore in the year—ago period.
The company’s board noted the transfer of ownership of 8,47,34,598 equity shares of Sofinter Group, Italy, constituting 35 per cent of the capital of Sofinter Group to its wholly-owned overseas subsidiary Gammon Holdings (Mauritius) Ltd from BT Global Investors Ltd, pursuant to a put option agreement executed in 2011.
“With this, Sofinter Group, Italy, has become a subsidiary of Gammon India Ltd (67.5 per cent) owned by Gammon India Ltd,” the company said.
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