GMR Ltd suffers Rs 136.6 crore consolidated loss in June quarter

The gross revenue from operations for Q1 FY 2017-18 improved by 41 percent to Rs 3,159 crore as against Rs 2,239 and GMR Airports emerged as the successful bidder to develop, operate and manage the new international airport in Greece.

By: PTI | Hyderabad | Published:August 13, 2017 3:01 pm
GMR, GMR Airports, business, indian express business, Quarter results, fy 2017-18, gmr profit The Delhi airport traffic increased to 15.7 million from 13.8 million. (Express Photo by Praveen Khanna)

GMR Infrastructure Ltd on Sunday said its consolidated loss for the quarter ended June 30 was at Rs 136.60 crore, against Rs 235 crore during the same quarter last fiscal. According to a statement issued by the company, the gross revenue from operations for Q1 financial year 2017-18 improved by 41 percent to Rs 3,159 crore as against Rs 2,239 crore for Q1 FY17.

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 Philippines went up to 2.4 million from 2.1 million (growth of 16 per cent) during the quarter, it said. GMR Airports emerged as the successful bidder to develop, operate and manage the new international airport in Greece, according to the statement. GMR has partnered with Greek infrastructure major Terna SA (100 per cent subsidiary of Gek Terna Group) for the project.

The concession period for the project is 35 years and GMR Airports will be designated as the airports operator in the consortium for the project, it said. The infra major also said that it concluded financing the entire debt of Rs 1,330 crore for the development of Greenfield airport at Mopa on a door-to-door tenure of 18 years on competitive terms. Meanwhile, buoyed by the improved coal prices and increased volume, Golden Energy Mines (a joint venture between GMR and Sinarmas Group) recorded profit of Rs 210 crore for the reported quarter, as against a profit of Rs 10 crore for the corresponding quarter in the last fiscal, the company said.

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