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Which 3 Stocks Would Warren Buffett Buy?Hirco downsizes to reduce costs
24-05-2011 14:10
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Indian property investor Hirco said it has essentially achieved its intention to downsize operations and reduce operating costs to below £2m a year.
The company, which invests in residential and commercial buildings in Panvel and Mumbai, saw profits in the half year to 31 March fall to £27.2m from £36m in the same period the previous year.
Hirco says that following the downsizing, its annual expenditure falls to about £1.6m.
"We have also continued to explore with our advisers and certain key shareholders raising additional funding to meet Hirco's working capital requirements for the medium term and to help it meet its strategic goals," it said.
"A further announcement regarding these matters will be made presently. "
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RG
The company, which invests in residential and commercial buildings in Panvel and Mumbai, saw profits in the half year to 31 March fall to £27.2m from £36m in the same period the previous year.
Hirco says that following the downsizing, its annual expenditure falls to about £1.6m.
"We have also continued to explore with our advisers and certain key shareholders raising additional funding to meet Hirco's working capital requirements for the medium term and to help it meet its strategic goals," it said.
"A further announcement regarding these matters will be made presently. "
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RG
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