Bharati Shipyard Q2 hit with $15m loss

India-based Bharati Shipyard fell into the red in the second quarter and revenue was slashed by half, Seatrade Asia online reports.

Second quarter net loss came up to INR816.3m ($14.7m) compared to a net profit of INR173m in the same period of last year.

Revenue plunged by 53% year-on-year to INR1.7bn.

Bharati Shipyard said the poor results were partially due to costs associated with its ongoing financial restructuring, but warned that the full impact would not be recorded until the third quarter.