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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.
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.
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