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GMR Infra posts Q3 loss of Rs22.25 crore

The EBITDA also registered a positive growth of 10% to Rs381.30 crore from Rs345.40 crore earlier, though it has not grown in tune with the revenues due to newly inducted businesses and seasonal factors

Mumbai: GMR Infrastructure reported a net loss of Rs 22.25 crore for the quarter ended 31 December 2010 against a net profit of Rs9.20 crore in the October-December quarter of the last fiscal, the company stated in a filing to the Bombay Stock Exchange.

Income from operations of the company, however, rose 27.37% to Rs1,358.78 crore in the third quarter from Rs1,066.72 crore in the year-ago period, it added. The induction of Male Airport and Homeland Energy revenues for part of the quarter has contributed to this rise in revenues.

Capacity costs which include interest charges and depreciation increased by Rs197 crore (59%) over the corresponding quarter, primarily on capitalization of T3, the new terminal at the Delhi Airport. This sharp rise in the interest and depreciation costs of Delhi Airport has adversely impacted the profit after tax for the quarter.

The EBITDA also registered a positive growth of 10% to Rs381.30 crore from Rs345.40 crore earlier, though it has not grown in tune with the revenues due to newly inducted businesses and seasonal factors of some other existing business, the company stated.

The airports sector registered a 66% growth in net revenue and 19% in EBITDA. Energy sector revenues and EBITDA are higher by 15% and 50%. Toll road projects recorded a significant growth of 24% in the revenues due to growth in traffic volume and inflation adjusted higher toll rates while the EBIDTA for highways sector rose by 7%.

Despite reporting weak third quarter numbers, shares of GMR Infra were trading 4.41% higher at Rs 33.15 apiece on the BSE today.

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