Construction firm
GMR Infrastructure on Wednesday posted net loss of Rs 107.96 crore for the third quarter ended December 31 on the back of losses incurred by its Delhi Airport project.
It had recorded Rs 22.25 crore loss during the same period in the last fiscal (2010-11).
However, the company's net sales from operations for the period grew 47.1 per cent to Rs 1,999.30 crore, as against Rs 1,358.78 crore in the corresponding period last year.
"The loss of Rs 229 crore incurred by
Delhi Airport for the quarter, coupled with exceptional items and an interest charge of Rs 17 crore on account of loan borrowed for Sinar Mas acquisition resulted in the increase in loss to 107.96 crore," GMR Group Chief Financial Officer A Subbarao said in a conference call.
However, he expects the Delhi airport tariff to kick in, which will help in minimising current losses.
"With the tariff revision process for the airport having commenced consequent to the issue of consultation paper by Airports Economic Regulatory Authority (AERA), the adverse impact of
DIAL 's results on the profitability of the company will soon be mitigated," he said.
GMR also suffered a set back in its energy business due to lower gas availability for its operating gas projects and major maintenance shutdown of Vemagiri power plant, which resulted in a lower plant load factor (PLF).
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