GMR posts Q2 net loss of Rs 179 crore
Hyderabad: GMR Infrastructure Limited on Wednesday said its consolidated net loss widened to Rs 179 crore for the quarter ended September 30 from Rs 63 crore net loss registered during the same period a year ago.
According to a statement issued by the Group today, the loss is mainly attributable to high interest cost which rose to Rs 485 crore from Rs 392 crore in the year ago period.
This is second consecutive quarter the Group posted loss due to various reasons. It reported Rs 110 crore net loss during April-June quarter this fiscal.
Total Income increased to Rs 2,479 crore during the quarter under review from Rs 2106 crore for the quarter ended September 30, 2011.
Revenues from Airport segment increased by nearly 37 percent to Rs 1,469 crore during the second quarter from Rs 1,076 crore during the same period a year ago.
Delhi International airport, run by a GMR led joint venture, incurred a net loss of Rs 41.16 crore during the quarter.
It has accumulated a total loss of Rs 1,625.19 crore as on September 30, resulting in a substantial erosion of net worth, the company said.
However, GMR expressed confidence in generating sufficient profits in future on the back of revised business plan and increased User Development Fee at the airport, the company statement said.
GMR's accumulated losses from its Istanbul Sabiha Gokcen Airport operations in Turkey rose to Rs 353 crore during the second quarter.
With regard to Male International airport in Maldives, GMR said the group is confident of recovering or adjusting USD 19 million due as Airport Development Fee since January 2012. The amount has been held up due to various disputes with local government there.
GMR said its Delhi and Hyderabad airports have nearly Rs 130 crore receivables from Air India accumulated over a period and no adjustments have been made in the financials as it is confident of recovering them in future.
As on September 30, Kingfisher Airlines owed Rs 16. 64 crore to Hyderabad International Airport, the group said adding it was confident of recovering it in future.
On Comptroller and Auditor General?s remarks on Delhi Airport, GMR said it did not impact the financials in the second quarter, FY13.
The CAG has estimated a huge potential earning capacity to the GMR-led Delhi International Airport Limited (DIAL) by getting the Delhi airport land on a concessional lease.