GMR Infrastructure on Tuesday declared a consolidated net loss of Rs 1,006.7 crore for the fourth quarter ended March 31, on account of a one-time loss from its dissociate of power company InterGen NV and losses from its Delhi airport.
Losses from the Delhi airport stood at INR 214 crore for the quarter on higher capacity costs, including interest charges and depreciation, with Terminal-3 becoming operational during the financial year. GMR’s net revenue during the quarter increased 74% to INR1,962 crore over INR1,125 crore in the corresponding period last year. The growth was assisted by revenue from its Male airport, the increase in traffic at Hyderabad and Delhi airports and better operations in its Chennai and Kakinada power plants, the company said.
The losses from the InterGen dissociate and Delhi airport operations also diminished the full year performance of the company which posted a loss of INR 929 crore for 2010-2011 as against net profit of INR158 crore in the past year. Full year revenue, however, increased 26% to INR 5,773.8 crore with airports contributing 41%, energy business 38% and highways 7%. The chairman of the GMR group said,“Though the dissociate of InterGen has resulted in a one-time and non-recurring loss, it has released equity capital of INR 958 crore and would enable us to reinforce our focus and resources on more profitable Indian assets.” The company also expects to recover part of the loss through Island Power, which is Singapore-based electric utility.