GMR posts Rs.67 crore quarterly net loss

August 10th, 2011 - 10:13 pm ICT by IANS  

Mumbai, Aug 10 (IANS) GMR Infrastructure Wednesday posted a consolidated net loss of Rs.67 crore for the quarter ended June 30 owing to the lower revenues from the Delhi Airport, increased tax outgo and high interest cost.

The company had reported a net profit of Rs.28.44 crore during the like period of the previous financial year.

The net sales during the quarter under review stood at Rs.1,863.57 crore as compared to Rs.1,231.34 crore during the like period of 2010-11, the company said in a regulatory filing.

During the quarter, interest payments also increased by over 38 percent to Rs.372.42 crore, while the tax outgo was Rs.65 crore.

“It may be noted that increased cost of operations of DIAL after commissioning of T3 are being accounted for, without commensurate revision in the tariffs. Profit after tax (PAT) loss of DIAL has adversely impacted the overall consolidated results, resulting in the aforesaid PAT loss of Rs.67 crore for the quarter, after minority share,” the statement added.

“The 38 percent rise in interest cost and 67 percent increase in depreciation are also mostly due the capitalization of Terminal 3 at Delhi airport. Tax liability of Rs.65 crore relates to profit making subsidiaries, which includes amortization of the deferred tax asset of Rs.21 crore, accounted in the earlier years mainly in Vemagiri Power and Hyderabad Airport.”

At the Bombay Stock Exchange the shares of the company were 2.33 percent up to trade at Rs.30.8.

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