IL&FS Transportation Q1 Net Nosedives 98%

New Delhi: IL&FS Transportation Networks Ltd on Monday posted a 97.90 per cent fall in consolidated net profit at Rs 2.90 crore for the quarter ended June 2015, on account of higher expenses and finance cost.

The company had registered a net profit of Rs 137.75 crore for the corresponding period a year ago, it said in a regulatory filing.

Total income from operations, however, increased to Rs 1,644.41 crore in the quarter ended June 2015, as against Rs 1,564.16 in the year-ago period.

Total expenses were at Rs 1,172.04 crore - up 11.8 per cent.

Finance cost during the quarter increased to Rs 559.51 crore from Rs 452.49 crore a year ago.

In a separate regulatory filing, the company said that Dilip Bhatia will be appointed as its chief financial officer, effective January 1, 2016.

Shares in IL&FS Transpiration Networks, on Monday, ended 3.32 per cent lower at Rs 141.30 apiece on the BSE.