GMR Infra net down 85%

GMR Infrastructure posted an 85 per cent decline in net profit at Rs 9.2 crore for the third quarter ended December 31, 2009, compared with the corresponding period in the previous financial year.

Net revenues went up 11 per cent to Rs 1,066 crore, even as operating profit moved up by 19 per cent to Rs 345 crore.

Detailing the drop in net profit, the Bangalore-based infrastructure developer stated one of its power generating stations had been idle during the past couple of quarters. This, even as it started a clutch of new projects, owing to which expenses had gone up.

GMR officials said the power vertical was down 20 per cent, while the road project vertical grew three times and the airport segment also grew 20 per cent.

The company, which is managing airports at New Delhi and Hyderabad, noted that both international and domestic airport sectors saw a healthy increase in passenger traffic.

“At Delhi airport, we witnessed an increase of 14 per cent in total passenger traffic, 5 per cent in aircraft movement and 5 per cent in international cargo traffic in the first nine months of 2009-10, compared with the same period of the previous financial year,” a company official said.

At Hyderabad, the company witnessed an increase of 3 per cent in total passenger traffic and 14 per cent in cargo traffic. Aircraft movement, however, decreased 1.5 per cent in the first nine months of 2009-10, against the same period in the previous year.