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GVK Power registers Q4 loss of Rs 20.88 cr

India ran out of warehouse space to hold another bumper crop, a core problem of the nation's food crisis.

Newly-elected French President Francois Hollande (L) with outgoing Culture Minister Frederic Mitterrand
Newly-elected French President Francois Hollande (L) with outgoing Culture Minister Frederic Mitterrand

GVK Power & Infrastructure on Thursday reported a consolidated loss of Rs 20.88 crore for the three months ended March this year.

The diversified group's loss widened from Rs 14.50 crore recorded in the 2011 March quarter. The consolidated loss is after taxes, minority interest and share of associates.

In the fourth quarter ended March 31, 2012, the entity's net sales too declined to Rs 657.59 crore from Rs 744.55 crore in the year-ago period, the company said in a regulatory filing.

Shares of the company tumbled nearly 9 per cent to close at Rs 12.80 on the BSE.

In a separate filing, GVK said that Issac George, director and CFO, has superannuated.

"He will continue to be on the board as a director. Now onwards, his status on the board will be that of a non- executive and non-independent director," it said, adding that George has been appointed as CEO of GVK Transport.

Meanwhile, the company saw its consolidated net profit slump to Rs 61.46 crore for the year ended March 31, 2012 from Rs 154.91 crore in the same period a year ago.

"The lower profits during the year are attributable mainly to the restricted supply of gas for the power projects during certain times of the year as a result of which the plants did not operate at full capacity, loss on account of foreign exchange fluctuations and higher interest cost," the company said in a statement.

In the last fiscal, the group's net sales jumped to Rs 2,491.83 crore from Rs 1,914.66 crore in the year-ago period.

GVK, which operates the Mumbai and Bangalore airports, also has interests in energy, roads and urban infrastructure.

The Mumbai International Airport Private Ltd posted operating revenue of Rs 1,308.53 crore for the year ended March 31, 2012. The revenues from Bangalore International Airport Ltd stood at Rs 605.68 crore during the same period.

"The three gas based projects - 464 MW GVK Gautami Power Ltd and 235 MW Phase I and 220 MW Phase II projects of GVK Industries Ltd have recorded a revenue of Rs 1,666.31 crore for the year ended March 31, 2012 as against Rs 1,713.11 crore for the previous year," the statement said.

According to GVK, the Bagodara-Wataman-Tarapur-Vasad Road (SH-8) project, worth about 1,189 crore, achieved financial closure.