ABG Shipyard Q1 Net Loss Widens to Rs 948 Crore

ABG Shipyard, the flagship firm of the ABG Group, said its consolidated net loss has widened to Rs 948.2 crore for the first quarter ended June 30.

The country's largest private sector shipbuilding yard had reported a net loss of Rs 222 crore in the year-ago period, it said in a filing to the BSE.

Total income of the firm on a consolidated basis plunged by 71 per cent to Rs 471.34 crore in the April-June quarter of this fiscal from Rs 1,640.85 crore in the same quarter of 2014-15.

The company said in the filing: "The global shipbuilding industry is passing through a very bad phase with all the shipyards showing huge losses in results declared in recent past. As such the company's performance is in line with the industry trend."