Debt-ridden ABG Shipyard's standalone net loss widened to Rs 1,710.68 crore for the quarter ended March 31, 2016, against a loss of Rs 374.86 crore in the year-ago period.
ABG Shipyard also said that it board has accepted the resignation of company Managing Director and CEO Syed Abdi.
The total income from operations during the quarter declined significantly to Rs 2.05 crore, over Rs 21.95 crore in the year-ago period, it said in a filing to the BSE.
The company had one foreign subsidiary, viz ABG Shipyard Singapore Pte Ltd and two Indian subsidiaries viz Western India Shipyard Ltd (WISL) and ABG FPSO Pvt Ltd. The company has, in absence of availability of audited WISL due to labour unrest, prepared and presented its own standalone results.
The consolidated shall be prepared and presented once results of WISL and other two subsidiaries are approved by the respective board of directors, the company said.
In a separate filing the company said the board of directors of the company at its meeting held on today has "accepted and took note of the resignation of Syed Abdi - Managing Director and CEO, w.e.f. April 30, 2016.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
