GVK Power and Infrastructure Ltd has posted a loss of ₹281.34 crore for the first quarter ended June 30 against a loss of ₹30.59 crore in the corresponding period last year.

The diversified Hyderabad-based infrastructure company, however, posted higher total income of ₹712.67 crore for the first quarter against ₹699.52 crore a year ago.

The company attributed the losses to higher financial expenses, write-offs, higher depreciation and stoppage of gas supply for two power plants and reduced supply to one plant as a result of which plants operated at low capacity.

It incurred loss due to a one-time charge of ₹286.78 crore for the Mumbai International Airport, which is the write-down value of the old terminal T2 that has been demolished.

GVK had to incur higher financial expenses of ₹130.30 crore and higher depreciation of ₹137.17 crore on account of capitalisation of the new terminal T2.

Airports performance The company Board, which met here on Wednesday after approving the financial results, stated Mumbai airport recorded a revenue of ₹561.06 crore (₹536.06 crore), registering a growth of 4.66 per cent.

However, it posted a loss of ₹244.54 crore against a profit of ₹93.56 crore.

Bangalore airport performed well with a revenue of ₹182.80 crore (₹160.72 crore), up 14 per cent.

While the transportation division logged higher a revenue of ₹70.54 crore (₹63.78 crore), the energy division recorded a revenue of ₹74.16 crore against ₹86.62 crore.

On Wednesday, GVK shares closed at ₹13.08, down 5 per cent, on BSE.

Related Topics