GMR Infra Q3 net loss doubles to Rs 217 cr

A quadrupling of losses in its power business and 24 per cent increase in finance costs led to doubling of third quarter loss to Rs 217.45 crore for Bangalore-based GMR Infrastructure, up from Rs 107.95 crore during the December 2011 quarter. The company had reported Rs 179.30 crore during the September 2012 quarter.

In a regulatory filing with the Bombay Stock Exchange, the company said that its consolidated revenues stood at Rs 2,378.02 crore for the December 2012 quarter, up from Rs 2,223.35 crore for the December 2011 quarter. It witnessed a decline in its power and EPC segments. The loss from power segment was Rs 57.5 crore during the December 2012 quarter, up from Rs 14.57 crore in the December 2011 quarter and Rs 17.95 crore in the September 2012 quarter.

The income was airport segment was up at Rs 282.81 crore, from Rs 86.82 crore in the December 2011 quarter. The airport segment also contributed Rs 1,598.54 crore to its overall revenues during the December 2012 quarter, up from Rs 1,112.97 crore during the December 2011 quarter.

The company also said that its subsidiary Delhi International Airport Pvt Ltd (DIAL) had accumulated losses of Rs 1,616.30 crore as on December 1, 2012, resulting in substantial erosion of net worth.

Its auditors flagged off concern that the company continues to reflect its Maldives' Airport assets of about Rs 1,527 crore as on December 31, 2012 in its books by saying that it is confident of compensation under the concession agreement for the termination of Maldivian Airport contract.

 The auditors said that given the "uncertainty in the dispute and the final outcome of the matter," they are unable to comment on the value (Rs 1,527 crore) and its consequential impact on the consolidated financial results of the company as on December 31, 2012.

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