GVK Power & Infra Q2 net loss at Rs.43.66 cr

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fe Bureau: Hyderabad, Nov 11 2012, 01:06 IST

GVK Power and Infrastructure on Saturday reported a net loss of R43.66 crore for the quarter ended September 30, mainly due to interest burden and shortage of gas supply to the group’s power projects. The infrastructure major had posted a net profit of R37.92 crore in the corresponding quarter of the previous year. This is the second consecutive quarter the group has shown losses.

In the previous quarter (April-June) it reported R64.30 crore net loss.

However, GVKPIL’s consolidated total income rose by 34% to R640.35 crore for the July-September quarter against R477.38 crore during over the corresponding quarter of the previous year.

"The loss during the quarter was attributable, mainly to the interest paid on debt raised for acquisition of equity stake in Bombay and Bangalore Airport projects taken on books during the quarter, otherwise the results would have been exemplary.

“Another reason for the loss was restricted supply of gas for the power projects as a result of which the plants did not operate at full capacity,” GVK said.

The Group has incurred R176 crore towards interest for the quarter under review against R79 crore during the same period a year ago.

The three gas-based projects of GVK put together have recorded a revenue of R267.88 crore for the quarter ended September 30 as against R406.90 crore for the corresponding quarter of the previous year.

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