GMR Infra’s Q1 loss down 44% at Rs 107 cr

Mumbai, Aug 13 (IANS) GMR Infrastructure Ltd (GIL) on Sunday posted a 44 per cent reduction in loss for the first quarter ended June at Rs 107 crore, as compared to the total comprehensive loss of Rs 190 crore it had incurred in the like quarter of the preceding fiscal.

“Total comprehensive loss for the first quarter of financial year (FY) 2017-18 reduces by 44 per cent to Rs 107 crore from Rs 190 crore,” GMR said in a statement here.

“Its gross revenues from continuing operations for first quarter of FY18 improved by 41 per cent to Rs 3,159 crore as against Rs 2,239 crore in April-June of FY17,” it said.

The company’s EBITDA (Earnings before interest, tax, depreciation and amortisation) also improved by 11 per cent to Rs 845 crore, from Rs 759 crore in the same quarter a year ago.

“GMR also concluded financing the entire debt of Rs 1,330 crore for development of greenfield airport at Mopa (Goa) on door-to-door tenure of 18 years on competitive terms,” the company said.

The Delhi airport traffic increased to 15.7 million from 13.8 million (growth of 14 per cent), the Hyderabad airport traffic rose to 4.2 million from 3.5 million (growth of 19 per cent) while the traffic at Cebu airport in the Philippines went up to 2.4 million from 2.1 million (growth of 16 per cent) during the quarter, it added.

The statement also said that GMR Airports emerged as the successful bidder to develop, operate and manage the new international airport in Greece, for which it has partnered with Greek infrastructure major Terna SA, a 100 per cent subsidiary of the Gek Terna Group.

“The concession period for the project is 35 years and GMR Airports will be designated as the airports operator,” it said.

Buoyed by improved coal prices and increased volume, the GMR and Sinarmas Group joint venture Golden Energy Mines recorded a profit of Rs 210 crore for the first quarter, as compared to a profit of Rs 10 crore in the corresponding quarter of the preceding fiscal, GMR said.

The GMR stock closed trade on Friday at Rs 15.50 a share, down 40 paise, or by 2.52 per cent, on its previous close on the BSE.

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