GMR Infrastructure on reported a consolidated net loss of Rs 1,006.7 crore for the fourth quarter ended March 31, on account of a one-time loss from its divestment of power company InterGen NV and losses from its Delhi airport. The company, which had posted net profit of Rs 73 crore in the corresponding period last year, has incurred a loss of Rs 939 crore from the divestment of InterGen, completed during the quarter, in transaction cost, interest paid and expenses.
Losses from the Delhi airport stood at Rs 214 crore for the quarter on higher capacity costs, including interest charges and depreciation, with Terminal-3 becoming operational during the fiscal. GMR’s net revenue during the quarter increased 74 per cent to Rs 1,962 crore over Rs 1,125 crore in the corresponding period last year. The growth was aided by revenue from its Male airport to the tune of Rs 400 crore, the increase in traffic at Hyderabad and Delhi airports and better operations in its Chennai and Kakinada power plants, the company said.
The losses from the InterGen divestment and Delhi airport operations also dampened the full year performance of the company which posted a loss of Rs 929 crore for 2010-2011 as against net profit of Rs 158 crore in the previous year. Full year revenue, however, increased 26 per cent to Rs 5,773.8 crore with airports contributing 41 per cent, energy business 38 per cent and highways 7 per cent. “Though the divestment of InterGen has resulted in a one-time and non-recurring loss, it has released equity capital of Rs 958 crore and would enable us to reinforce our focus and resources on more profitable Indian assets,” said GM Rao, chairman of the GMR group. The company also expects to recover part of the loss through Island Power, its Singapore-based electric utility which is nearing financial closure and whose construction will begin next month.