GMR Infrastructure December quarter net loss widens to Rs 107.96 crore
08 Feb 2012
Construction firm GMR Infrastructure Ltd's net loss for the quarter ended December 31 widened to Rs 107.96 crore, on lack of revenues from its Delhi International Airport Ltd, the airport it operates, and rise in interest costs.
The Bangalore-based firm posted a net loss of Rs 22.25 crore during the same period of the previous financial year, it said in a statement.
However, the company's net sales grew by 47 per cent to Rs 1,999.30 crore, compared with Rs 1,358.78 crore recorded in the year-ago period.
''The loss of Rs 229 crore incurred by Delhi Airport for the quarter, pending tariff revision, coupled with the aforesaid exceptional items and an interest charge of Rs 17 crore on account of loan borrowed for Sinar Mas acquisition, corresponding revenues of which will be consolidated from next quarter resulted in the loss,'' the construction
firm said in a statement.
With the tariff revision process for Delhi Airport having commenced consequent to the issue of consultation paper by Airport Economic Regulatory Authority (AERA), the adverse impact on profitability would soon be mitigated, it added.
The operating toll road projects recorded a revenue growth of 8 per cent for the quarter. The highways segment is nearing the breakeven profit after tax position, despite the crippling losses in Ambala Chandigarh project due to massive traffic diversion.