GVK Power & Infra posts Q1 net loss of Rs 281.34 crore

GVK Power & Infrastructure Limited's consolidated net loss for the April-June quarter widened to Rs 281.34 crore mainly on account of rise in interest costs.

The company had reported a net loss of Rs 30.59 crore in the corresponding quarter of the previous year (2013-14).

GVK Power & Infrastructure registered a consolidated total income from operations of Rs 712.67 crore for the quarter ended June 30, 2014, as against Rs 699.52 crore during the corresponding quarter of the previous year, the company said in a statement today.

The company's interest costs during the quarter rose to Rs 320.97 crore from Rs 188.43 crore in the year-ago period.

GVK's Mumbai International Airport Private Limited (MIAL) recorded loss of Rs 244.54 crore for the quarter ended June 30, 2014 as against profit of Rs 93.56 crore in the corresponding quarter of the previous year.

"The loss in MIAL is attributable to the one-time charge of Rs 286.78 crore which is the written down value of the old terminal T2 that has been demolished," the statement said.

Bangalore International Airport Limited (BIAL) recorded a loss of Rs 30.05 crore for the same period as against the profit of Rs 64.97 crore, last fiscal.

"The loss in BIAL is attributable to higher financial expenses (Rs 53.35 crore) and higher depreciation (Rs 55.62 crore) on account of the capitalisation of the expansion project (upgradation of the Terminal and facilities)," the statement added.

The three gas based projects -- 464 MW GVK Gautami Power Limited and 235 MW Phase I and 220 MW Phase II projects of GVK Industries Limited have recorded revenue of Rs 74.16 crore for the period as compared to Rs 86.62 crore for the corresponding quarter of the previous year.

"This reduction is mainly due to stoppage of gas supply from KG basin to two gas plants and reduced gas supply to one plant," the statement said.

GVK Jaipur Expressway Private Limited, the company's transportation business,posted a net profit of Rs 18.96 crore for the period compared to Rs 11.97 crore, last fiscal.

Shares of the company were trading at Rs 13.08, down 4.94 per cent on the BSE.