GMR airport ops revenue to slide 20% on Male loss
During the July-September quarter, GMR’s total revenues from the airport segment stood at R1,469 crore, of which around R300 crore came from the Male airport operations. This was a 35% growth over the revenues booked during the same period last fiscal. The period also saw strong operational performance with a 10% y-o-y growth in traffic. Ebitda grew y-o-y to R71 crore and net profit was up 193% at R57 crore.
Apart from losing a growing business, the fate of the company’s investment of $150 million, apart from the acquisition fee of $78 million, has become uncertain.
“There has been around 10% y-o-y growth in passenger traffic from our Male project,” GMR Airports chief financial officer Sidharth Kapur told FE.
“This year, the revenues would have been more due to the development fee. However, at this point of time, we cannot assess the financial implications because we are going to take all possible legal course of action to ensure that we get to continue with the project,” Kapur added.
Kapur said that the Maldives government's notice intending to take over the possession and control of the Ibrahim Nassir International Airport, Male, saying that the concession agreement was void “was absolutely
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