GVK net loss at Rs 57 crore

MIAL records 66% increase in revenues at Rs 523.07 crore for quarter from Rs 314.45 crore in year ago period

Hyderabad-based GVK Power and Infrastructure Limited's consolidated net loss for the quarter ended September, 2013, widened to Rs 57.19 crore from Rs 43.66 crore net loss it had incurred in the corresponding quarter last year. This was due to stoppage of power plants as a result of natural gas issues.

Total income for the quarter under review, however, registered a 7.94% rise at Rs 691.19 crore from Rs 640.34 crore in corresponding previous quarter as its airports and transportation divisions performed well. Revenues from the energy division declined to Rs 96.09 crore as compared with Rs 267.89 crore in the year ago period.

Mumbai airport (MIAL) recorded a 66% increase in revenues at Rs 523.07 crore for the quarter from Rs 314.45 crore in the year ago period. MIAL reported over three-fold rise in net profit during the period at Rs 84.77 crore as compared with Rs 26.53 crore, a company release said.

Revenues from Bangalore airport increased to Rs 160.36 crore from Rs 149.45 crore in the year ago period while net profit grew 131% to Rs 38.62 crore as compared with Rs 16.74 crore. Transportation revenues rose to Rs 67.80 crore from Rs 60.90 crore.