GMR airport ops revenue to slide 20% on Male loss

Over 50% of GMR Infrastructure's gross revenue comes from the airport operations, which increased 45% from Rs 3,021.51 crore for fiscal 2011 to Rs 4,381.29 crore for fiscal 2012. The Male operations contributed to the growth in revenues as the company took over its operations in November 2010. The airport saw a passenger traffic of 2.7 million in 2011-12, which was a growth of 14% over 2010-11.

GMR along with its consortium partner Malaysia Airports Holdings won the Male project in June 2010 for a concession period of 25 years during the tenure of former president Mohamed Nasheed, who was ousted in a coup in February 2012.

The new Maldives government has alleged that the previous government favoured the private company by allowing it to levy development fees and insurance charges of $27.

GMR has said that as per their terms of agreement it was entitled to charge the airport development charge of $27 per international passenger from January 1, 2012. However, this had been disallowed by a Maldivian civil court in December 2011. GMR had subsequently written to the government that it would adjust the shortfall due to non-collection of ADC from the annual payable concession fee. The Maldivian government agreed to it vide its letter on January 5 but retracted from the commitment after March 31 and asked it to refund the adjusted payments.

Meanwhile, Maldivian President Mohamad Waheed

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