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GVK Posts Loss of Rs 109 Crore in Q4

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Hyderabad: GVK Power and Infrastructure Ltd on Saturday said its net loss for the fourth quarter of fiscal year 2014-15 stood at Rs 109 crore against Rs 235 crore in the same quarter of 2013-14.

This is the 14th straight quarter that the city-based infrastructure major ran up losses.

According to a statement issued by the company here, the total income increased to Rs 865.5 crore for the quarter as against Rs 716 crore in the corresponding period a year ago.

The airport segment of the group made Rs 219 crore profit during the quarter against Rs 5.5 crore loss in the same quarter of the previous year, GVK said, adding that the income from the segment rose to Rs 663 crore in the fourth quarter of FY15 against Rs 537 crore a year ago.

The company currently operates two international airports in the country in Mumbai and Bangalore.

For the full year, the net loss widened to Rs 835 crore as against Rs 369 crore in FY14.

Consolidated net income from operations for the whole year stood at Rs 3,050 crore against Rs 2,821 crore in 2013-14, the company said.

In a separate statement, GVK said its board has approved a proposal of raising Rs 1,000 crore through qualified institutional placement.

"The issue and allotment of equity shares of the Company, not exceeding Rs 1,000 crore (with a green shoe option to retain up to Rs 500 crore from the excess subscriptions received), including pursuant to an offer to qualified institutional buyers under Chapter VIII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 as amended," GVK said.

Under green shoe option, a company can sell investors more shares than originally planned.


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