Hindustan Construction Company (HCC) posted a 46 per cent fall in its net profit for the quarter ending December 31, 2010 mainly due to foreign exchange losses.
HCC posted a net profit of Rs 7.9 crore in third quarter of FY 2011, which was net of foreign exchange loss of Rs 6.1 crore, as compared to 14.7 crore in the corresponding quarter of FY 2010.
The company's turnover increased by 8.7 per cent at Rs 1027.5 crore in Q3 of FY 2011 as compared to Rs 945 crore in third quarter of FY 2010.
"During the quarter under review, we have witnessed a slowdown in infrastucture activity. Several project orders were deferred by government agencies and private firms due to delay in acquiring land and other clearances,'' said Ajit Gulabchand, chairman and managing director, HCC.
