 "GVK Power net loss at Rs 42 crore")
GVK Power and Infrastructure Limited reported a net loss of Rs 42.71 crore for the quarter ended June, 2013, as compared with a loss of Rs 64.14 crore loss it posted in the corresponding quarter last year. Total income decreased 15.16 per cent to Rs 725.42 crore from Rs 855.08 crore in the year ago period.
The net loss had come down even in the face of mounting losses from its power business mainly due to the rise in revenues and profits from the airport business. Losses in the power business during the quarter rose to Rs 35.15 crore from Rs 14.75 crore in the corresponding previous quarter while there was a near three-fold increase in profit from airports to Rs 168.82 crore. It attributed the losses to the non availability of natural gas to run power plants.
The company, at its board meeting held on Monday, re-appointed GVK Reddy as chairman and managing director of the company for five years from October 14, 2013, besides approving the unaudited financial results for the quarter.