Not sure if you are still interested in this, but I believe that you can make it work by putting the keyword "sum" in your sqlProjection.
Then your request will look like this:
objCriteria = objSession.createCriteria(ItemVO.class, "IT")
.setProjection(Projections.projectionList()
.add(Projections.property("IT.name"), "itemName")
.add(Projections.sqlProjection("sum(QTY * cost)", new Float[] {"TotalCost"}, ( new Type[] {Hibernate.Float}))))
.setResultTransformer(Transformers.aliasToBean(ConsumableDTO.class));
This will return an Object [] for each element that matches, with a name in the first element of the array and computed "totalCost" in the second.