Q4 RESULTS : GMR Infra Q4 net at Rs 519 crore
Buoyed by Rs 1,231 crore gain on selling majority stake in a subsidiary, GMR Infrastructure today bounced...
Buoyed by Rs 1,231 crore gain on selling majority stake in a subsidiary, GMR Infrastructure today bounced back in the black, reporting a consolidated net profit of `519.17 crore for the January-March quarter.A The firm, which has interests in areas like airports, power and roads, had clocked `355.16 crore loss in the corresponding quarter of 2011-12 fiscal, it said in a filing. "During the quarter ended March 31, 2013, the Group has divested its 70 per cent stake in GMR Energy Singapore Pte Ltd to FPM Power Holding and has realised a profit of `1,231.25 crore arising on such sale of shares," it said.
The subsidiary was developing 800 MW combined cycle gas turbine power plant at Jurong Island in Singapore. Meanwhile, GMR Infrastructure has made a `251.37 crore impairment (reduction in company's stated capital) provision towards the carrying value of net assets of Homeland Energy Group Ltd (HEGL).A It has also written off `202.61 crore related to its Male airport business.
Income of the company during the quarter also rose to `2,592.52 crore from `2,134.35 crore a year ago. Expenses also moved north-wards to `2,103.84 crore compared to `2,080.60 crore during the January-March quarter of 2011-12. For the year 2012-13, the company has reported `88.12 crore net profit on `9,974.66 crore total income. During 2011-12, the company had clocked `603.34 crore loss.
KFA Q4 net loss widens to Rs 2,141 crore Mumbai (PTI): Kingfisher Airlines, grounded since October 1 last year, reported net loss at `2,141.80 crore for the quarter ended March, 2013. The company had reported a loss of `1,151.83 crore in the same period a year ago.A The carrier reported nil sales for the period under review as against sales of `782.83 crore in the fourth quarter of FY 2012. For the entire 2012-13, the net loss is `4,001.12 crore, Kingfisher Airlines said in a filing to the Bombay Stock Exchange. The loss in the previous fiscal was `2,328.01 crore.
Accumulated losses as of March 31, 2013 stood at `16,023.46 crore and its networth on that date was a negative `12,919.81 crore, the airline said.A Kingfisher had never made profit since it started operations in 2005. The airline has been grounded since October and its air operations permit or the flying licence lapsed on December 31 last year, although it can be renewed within two years.
Last month, Kingfisher Airlines had submitted a fresh revival plan to DGCA, seeking permission to resume operations. But it has not yet been accepted by the regulator on the ground that it did not have no-objection certificates from various stakeholders including airports, bankers, oil marketing firms etc.