Construction and engineering major Gammon India today reported a net loss of Rs 90.63 crore for the first quarter ended June 30, 2016.
The company had posted a net loss of Rs 149.14 crore in the same period last year, it said in a BSE filing.
Net sales rose to Rs 861.10 crore during the quarter under review, as compared to Rs 747.76 crore in the year-ago period.
Total expenses rose slightly to Rs 847.18 crore during the period, as against Rs 843.41 crore in the year-ago period.
The company's board noted the transfer of ownership of 84,734,598 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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