GMR Infrastructure has reported a 118% rise in its March
quarter net loss at Rs 366.16 crore, year-on-year due to the poor performance
of the Delhi Airport, which it runs. The company said it had a cost over run
while modernizing the Delhi Airport and was unable to raise airport development
fee until recently and hence the losses.
"The Delhi Airport's
financial will improve in the current financial year on account of the
recent tariff hike," said A Subbarao, GMR's Group CFO.
DIAL (Delhi International Airport Ltd) has recently received
an approval to hike airport development fee by 352% from the aviation regulator
effective May 15th. As per the new
order, GMR can collect Rs 3415 crore as development fee from around 36 million passengers to whom its
caters to annually.
Meanwhile, sales of the company also declined around 4% to
Rs 2099 crore,YoY as plant load factor (PLF) from its coal-based power plants
was not optimum. Subbarao further said that its power segment will perform well
if fuel shortage issues are sorted out.
The infra major's highway segment has also recorded revenues
growth during FY12. While its Ambala-Chandigarh road saw 19% revenue growth,
its Jadcherla and Ulundurpet highways saw 14% and 6% growth respectively.
Shares of the company reacted and fell over 2% to Rs 20.25
post the result announcement.
Source: www.moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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