GMR loss widens to Rs593 crore in June quarter

GMR loss widens to Rs593 crore in June quarter

Bangalore: Losses at infrastructure company GMR Infrastructure Ltd widened to Rs.593 crore in the first quarter of fiscal 2015, 82% more than the Rs.326 crore loss it posted the previous year.

The company had finished the last fiscal year on a high, posting profit of Rs.1,170 crore mainly due to asset sales as the company took measures to address its burgeoning debt.

The company, which operates airports in Hyderabad and Delhi, apart from running several highways and power stations, has been plagued by extremely high debt after it misjudged “the economic slowdown”, as its chief financial officer Madhu Terdal said last month.

The lack of gas continued to affect some of the group’s gas-based power plants, although revenues from the company’s energy business grew 17.12% to Rs.1,152.55 crore. Airport revenues, however, shrunk 20% to Rs.1,289 crore from Rs.1,548 crore the previous quarter.