GVK Power and Infrastructure (GVKPIL) has posted a net loss of R51.04 crore for the first quarter ended June, on a standalone basis as against a loss of R3.09 crore for the corresponding quarter last year.
“The company has posted a net loss of R51.04 crore for the quarter ended June 30, 2016 as compared to R3.09 crore for the quarter ended June 30, 2015,” GVKPIL said in a statement to BSE.
According to the statement, total income increased from R15.88 crore for the quarter last year to R16.85 crore for the quarter ended June 30, 2016. The company said that it incurred losses during the quarter and preceding years. It has also delayed payment of loans and interest and certain loan accounts have been classified as non-performing assets.
The company has made investments and receivables aggregating R295.04 crore and provided guarantees and commitments for loans amounting to R7,843.34 crore taken by GVK Coal Developers (Singapore) (GVK Coal) as on June 30, 2016, an entity whose net liabilities exceeds net assets by $900 million (R5,741.60 crore) as on June 30, 2015, it said.
The company said that the prices of the coal have significantly fallen since GVK Coal had acquired stake in the coal mines.