GMR Infrastructure on Wednesday reported a net consolidated loss of R67 crore for the first quarter ended June 30, mainly on losses from its airport in Delhi. The company had reported a profit of R28 crore during the corresponding period last year.
The company?s net revenue, however, was 51% higher at R1,864 crore while earnings before interest, taxes, depreciation and amortisation (Ebitda) showed a growth of 32% at R498 crore. A tariff revision proposal at the Delhi International Airport, which incurred a loss of R192 crore, is currently with the Airports Economic Regulatory Authority (Aera). The company is expecting a decision by December, based on the current pace of negotiations, said A Subbarao, Group CFO, GMR. ?When the tariff is fixed, it will not only make the future profitable but also recover past losses,? he added. The Delhi airport?s new terminal T3 was opened in July last year. Performance during the quarter was also impacted by a R24 crore loss from the Sabiha Gokcen airport in Istanbul, a higher tax payout of R65 crore and losses from the closure of its international operations following the sale of stake in InterGen NV. ‘?It will take Sabiha Gokcen another six to eight quarters to become profitable,? said Subbarao. The company attributed the net revenue growth to higher revenues from its energy arm and a captive engineering, procurement and construction (EPC) arm besides traffic growth across its airports, including the Male airport.
The energy arm reported an 18% increase in revenue at R 103 crore on higher efficiencies at its 388 mw Vemagiri ower plant and 220 mw barge mounted plant at Kakinada, said Raaj Kumar, CEO, GMR Energy. The EPC wing, meanwhile, contributed R168 crore becaue of an increase in captive projects including three road projects and one power plant.
Raaj Kumar added that the company had fuel linkages for all its projects besides its two coal mines in South Africa and Indonesia.