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GMR Infrastructure posts Rs 179 cr loss in Q2

GMR Infrastructure on Wednesday said its consolidated net loss widened to Rs 179 crore for the quarter ended September 30.

BT Online Bureau   Hyderabad     Last Updated: November 14, 2012  | 14:50 IST

GMR Infrastructure 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 corresponding period a year ago.

"The loss is mainly attributable to high interest cost which rose to Rs 485 crore from Rs 392 crore in the year ago period," a statement from the company said.

Total Income increased to Rs 2,479 crore during the quarter under review from Rs 2,106 crore for the quarter ended September 30, 2011.

Revenues from Airport segment increased by nearly 37 per cent to Rs 1,469 crore during the second quarter, from Rs 1,076 crore during the same period a year ago.

This is second consecutive quarter GMR posted a loss. It had reported Rs 110 crore net loss during April-June quarter this financial year.

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.

With inputs from PTI

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