Shortage of gas supply to its power plants, interest expenses and forex fluctuations led GVK Power and Infrastructure to net loss of Rs 14.50 crore in the third quarter ended December.

The company had made net profit of Rs 41.91 crore in the Ocotober-December quarter of 2010-11, GVK said in a statement.

Also Read   Related Stories News Now - SCI Q3 net dips 40% to Rs 74 cr - Cipla dips 4% on lower-than-expected Q3 net - Punj Lloyd Q3 net at Rs 75 cr - Jain Irrigation Q3 net dips 98% - Aurobindo Pharma Q3 net loss at Rs 28 cr - Singtel Q3 net dips 10% on 3G losses at Bharti

Also Read   Related Stories News Now - Markets come off day highs - Lead weakens on sluggish demand - No plan to revise diesel, LPG or kerosene prices - Copper up 0.60% on global cues - Crude oil marginally up on global cues More

"The loss during the quarter was attributable mainly to the restricted supply of gas for the power projects as a result of which the plants did not operate at full capacity, loss on account of foreign exchange fluctuations and interest cost." GVK said.

"Forex losses stood at Rs 9 crore in the third quarter against Rs 5 crore in the second quarter. It was almost negligible in Q3 FY11" Issac George, CFO, GVK group told PTI.

The company registered 62% growth in consolidated income at Rs 745 crore for the quarter ended December 31, 2011, as against Rs 461 crore in the Q3 of the previous fiscal.

The three gas based projects of GVK have recorded revenue of Rs 411.35 crore during Q3, 2011-12, as against Rs 409.24 crore for the December quarter of the previous fiscal.

Mumbai International Airport (MIAL) and Bangalore International Airport recorded revenue of Rs 332.49 crore of Rs 153.79 crore respectively, for the quarter under review.

During the quarter, GVK increased equity holding in MIAL from 37% to 50.50% and as a result, MIAL has become a subsidiary of the company.

The Group also increased its equity holding in Bangalore International Airport Ltd to 43% from 29%.

The consolidated net profit for the nine month period (April-December, 2011), net profit is Rs 82.34 crore, as against Rs 118.11 crore in the corresponding period of last fiscal.

New Ipad Application :Business Standard's all new IPad App Click here to download for free Other Stories      - Markets come off day highs - Lead weakens on sluggish demand - No plan to revise diesel, LPG or kerosene prices - Copper up 0.60% on global cues - Crude oil marginally up on global cues

Tags : GVK Power | Q3 results | financial results | corporate results   Read Business news in  Advertisements -  Journey on, We are by Your Side. Click here to know more -  2 Lac Apartments, 1 Lac House / Plots. Click here -  Help a Child Achieve her. Click to know more -  Benefits Upto Rs. 2.36 Lakhs on the Fully Loaded TJet Petrol. -  The Best Seller is Also the No. 1 in Mileage. Click here -  Watch The Film Here. Click here to know more.. -  Leader in Passenger Car & Automobile Tyres. Click here -  1 billion in saving for Unilever without any tangles. -  A Brand New Server at a Price That Fits Your Budget. Click here -  Learn How One City is Running on FOOD SCRAPS. -  One Partnership Endless Possibilities. Click here to know more -  Helping doctors detect diseases earlier, saving costs & extending lives. -  36 Lakhs can get you a pool of Luxuries. Click here -  Which is the best plan for your daughter -  Check out the TRUE COLOURS of your Stocks, Now for FREE! -  One of the leading business schools in the world.Know More