GMR has been reporting net consolidated losses in successive quarters mainly on account of DIAL, whose net loss for the quarter was R41.16 crore
GMR Infrastructure’s net consolidated loss has widened in the quarter ended September to R179.30 crore from R62.53 crore in the corresponding quarter last year on higher interest outgo, continued losses at the Delhi airport and forex losses.
GMR has been reporting net consolidated losses in successive quarters mainly on account of the Delhi International Airport (DIAL), whose net loss for the quarter was R41.16 crore.
The airport had posted loss of R130 crore in the preceding quarter during which a tariff revision in aero charges was granted. The airport’s accumulated losses stood at R1,625.19 crore at the end of the July-September quarter, the company said.
GMR’s finance costs rose to R485.21 crore during the quarter from R392.21 crore a year ago. It also reported a loss of R18.84 crore on foreign exchange fluctuations. In the corresponding quarter last year, it had registered a forex gain of R50.79 crore.
The company’s income from operations grew 19.71% to R2,371.89 crore during the quarter compared with R1,981.36 crore a year ago.
GMR runs airports at Delhi, Hyderabad, Male and Istanbul and operates three power plants.
It plans to commission two coal-based power plants, with a cumulative generation capacity of 1,650 MW in Maharashtra and Orissa this fiscal.
In July, the company had to stop construction work on a new terminal at the Male airport pending approval from the Maldives Civil Aviation Authority. Meanwhile, the dispute over the collection of an airport development fee at the existing terminal is under arbitration in a court in Singapore.
Meanwhile, the group said that it has asked lenders to re-schedule the date for commercial operation of its new 768 MW gas-based power plant at Rajahmundry, and repayment of project loans, owing to the lack of supply of natural gas from the KG D6 basin.