Bangalore: GMR Infrastructure, the publicly held company based in this city, has reported a 2.2 times increase in net loss to Rs 393 crore for the second quarter of this financial year, as compared to the corresponding quarter of 2012-13, when the loss was Rs 179 crore.
The company builds and manages a host of power, airport and highway projects. It says it has suffered this sharp increase in net loss due to idle power generating assets, which lack fuel.
The company, which also manages the Delhi and Hyderabad international airports, has said net revenue dropped by close to four per cent, to Rs 1,940 crore. The operating profit, however, was propped up by 12.5 per cent to Rs 576 crore, due to foreign exchange gains and improvement in airport operations. However, interest ouflow of Rs 684 crore, which shot up by 17 per cent, has hit the balance sheet, taking out exceptional gains to deliver a loss of Rs 393 crore.
G M Rao, chairman, GMR Group, put the blame squarely on the lack of gas for its power projects, idling on the Andhra coast, which have capacity of close to 600 Mw.
13/11/13 Raghuvir Badrinath/Business Standard
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The company builds and manages a host of power, airport and highway projects. It says it has suffered this sharp increase in net loss due to idle power generating assets, which lack fuel.
The company, which also manages the Delhi and Hyderabad international airports, has said net revenue dropped by close to four per cent, to Rs 1,940 crore. The operating profit, however, was propped up by 12.5 per cent to Rs 576 crore, due to foreign exchange gains and improvement in airport operations. However, interest ouflow of Rs 684 crore, which shot up by 17 per cent, has hit the balance sheet, taking out exceptional gains to deliver a loss of Rs 393 crore.
G M Rao, chairman, GMR Group, put the blame squarely on the lack of gas for its power projects, idling on the Andhra coast, which have capacity of close to 600 Mw.
13/11/13 Raghuvir Badrinath/Business Standard
