Net loss at R335.97 cr for year ended March 2013.
GVK Power and Infrastructure on Wednesday said its consolidated net loss widened to Rs 171.01 crore in the fourth quarter ended March,2013,mainly due to increased expenses and losses incurred in the power business. The company had reported a loss of Rs 20.86 crore during the same period last year.
The companys revenue fell sharply to Rs 500.07 crore from Rs 657.59 crore in the same quarter last year,as it recorded no revenue from three gas-based projects 464 MW GVK Gautami Power and 235 MW Phase I & 220 MW Phase II projects due to decline in gas supply from Krishna-Godavari Basin in Andhra Pradesh. GVK Powers energy business
Total costs of the company during the fourth quarter rose nearly 13 per cent to Rs 614.10 crore while the companys tax expense nearly trebled to Rs 40.87 crore from Rs 14.54 crore in the year-ago quarter.
The firms airports business,however,fared better in the quarter,with net profit at GVKs Mumbai International Airport arm rising to Rs 55.73 crore from Rs 32.96 crore last year. GVKs Bangalore International Airport (BIAL) recorded revenue of Rs 155.60 crore for the quarter ended March as against Rs 156.59 crore last year. BIALs net profit for the quarter rose to Rs 58.78 crore from Rs 37.52 crore last year. The companys stock,which has shed nearly a third of its value since the start of the year,shrugged off the weak results to close up 1.19 per cent at Rs 9.39 on Wednesday.
For the year ended March 2013,the consolidated net loss of the flagship firm of Hyderabad-based GVK group stood at Rs 335.97 crore,against a consolidated net profit of Rs 61.48 crore recorded during the previous year.