GMR Infrastructure said on Wednesday its net consolidated losses have doubled to R441 crore y-o-y mainly due to the two recently commissioned thermal plants that are yet to stabilise, fuel supply issues at its gas-based plants and a higher interest outgo.
This is the third consecutive quarterly loss for the company which operates in airports, energy and highways sectors. GMR had posted losses of R217 crore in the corresponding quarter last year while its losses were R393 crore in the July-September stretch.
GMR?s net revenue, however, grew 8.31% to R2,123 crore against R1,960 crore in the corresponding quarter a year ago, driven mainly by improved performance at the Delhi Airport, the company said. The earnings before interest, taxes, depreciation and amortisation (Ebitda) were R711 crore, with an Ebidta margin of 34%. GMR?s stocks rose 1.02% to close at R19.90 on BSE on Wednesday.
GMR finalised the divestment of its 40% stake in Istanbul Sabiha Gocken International Airport for 225 million euros (around R1,910 crore) during the quarter and said it was in the process of completing the pre-closure activities. The net debt at the group level stood at R39,170 crore at the end of the quarter.
