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Hyderabad-based GVK Power & Infrastructure Ltd (GVKPIL), the operator of Bangalore and Mumbai airports, posted a loss of Rs 235.46 crore for the fourth quarter (Q4) ended March 31, 2014, as against a loss of Rs 171 crore in the corresponding quarter previous fiscal.
GVKPIL attributed the loss to lower power capacity utilisation at its gas-based units led by restricted supply of fuel and high interest costs.
Sales income during the quarter under review was, however, up 39 per cent at Rs 694.41 crore as against Rs 500.07 crore for the corresponding quarter previous fiscal.
For the full year-ended March 31, 2014, it posted a loss of Rs 368.67 crore on sales of Rs 2,820.93 crore, as against a loss of Rs 335.97 crore against sales of Rs 2,607.65 crore for the previous financial year.
Segment wise, airport business alone contributed around Rs 536.65 crore to revenues, at 77 per cent to its total revenues. For the full year, airport revenues stood at Rs 2,182 crore as against Rs 1,462.12 crore in the previous fiscal.
The company said it was confident of receiving approval from banks for the rescheduling of loans and obtaining the requisite gas allocations / recover fixed charges.
The company's subsidiaries engaged in the power business made losses of Rs 289.91 crore in FY14l, as against a loss of Rs 238.79 crore in March 2013, mainly on uncertainty over gas supply for its power units.
GVK Coal Developers (Singapore) Pte Ltd is currently under development phase and is making losses. Its present liabilities exceed current assets by $259 million, it stated. GVK owns 10 per cent share in the company.
GVKPIL shares ended at Rs 16.90 on the BSE today, down 4.09 per cent from the previous day's closing of Rs 17.62.
