1. GVK Power net loss widens to R236 cr as gas shortage weighs

GVK Power net loss widens to R236 cr as gas shortage weighs

The company said that interest costs on loans for acquisition of stakes in Mumbai and Bangalore airports also impacted consolidated profit

By: | Hyderabad | Published: November 15, 2014 12:05 AM

GVK Power & Infrastructure (GVKPIL)  has reported a consolidated net loss of Rs 235.56 crore in the September quarter against a net loss of
Rs 57.19 crore in the corresponding quarter of the previous year.

The loss widened due to stoppage in gas supply to two of its power plants coupled with interest costs related to infra projects, the company said.

“The loss during the quarter was attributable mainly due to stoppage of supply of gas at two power plants and temporary stoppage of supply to one plant as a result of which the plants operated at very low capacity,” the company said in a release.

“The interest cost on the borrowing for the acquisition of stake in Mumbai and Bangalore Airports also has an impact on the consolidated profit,” the company added. However, consolidated total income from operations stood at Rs 698.76 crore during the period against Rs 691.91 crore during the corresponding quarter of the previous year.

In its airport business, Mumbai International Airport (MIAL) recorded a revenue of Rs 580.67 crore against Rs 523.07 crore in the corresponding quarter of the previous year, registering an increase of 11.01%. The net loss was Rs 68.87 crore against a profit of
Rs 84.77 crore in the corresponding quarter of the previous year.

Bangalore International Airport (BIAL) recorded revenue of Rs 234.36 crore against Rs 160.36 crore, registering an increase of 46.15%. Net profit was Rs 5.57 crore against a profit of Rs 38.62 crore in the corresponding quarter of the previous year.

In the transportation vertical, GVK Jaipur Expressway recorded a revenue of Rs 73.88 crore, registering an increase of 8.96%. Net profit was Rs 16.80 crore against Rs 13.86 crore, an increase of 21.15 %. Traffic increased by 2.73% over the same period.

Get latest news and updates on Auto Expo 2018, check breaking news on Budget 2018, like us on Facebook and follow us on Twitter.

Tags: GVK Power
  1. No Comments.

Go to Top