Hyderabad :
Infrastructure major GMR Group Friday reported a consolidated net profit of `519.17 crore for the quarter ended March, 2013 as against a net loss of `366 crore in the corresponding quarter.
The company’s profits were aided by the recent 70 per cent stake sale in its Singapore subsidiary GMR Energy Singapore Pte Limited (GESPL) to FPM Power Holding Ltd for about `1,231.25 crore.
“During the quarter ended March, 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…,” the company said.
The subsidiary was developing a 800 MW combined cycle gas turbine power plant at Jurong Island in Singapore.
Net sales during the quarter went up 22.48 per cent to `2,571 crore as against `2,099 crore in the same quarter last year, while operating profit during the same period increased 10.6 times to `489 crore against `46 crore in the fourth quarter last year.
For the full 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. Shares of the company were trading at `21.45 per share during the afternoon trade, up 4.89 per cent.
Expenses also increased to `2,103.84 crore during the January-March quarter of 2012-13 from `2,080.60 crore during the same period a year ago.
The company, which has interests in areas like airports, power and roads, said it 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). It has also written off `202.61 crore related to its Male airport business.
The revenue from airports segment went up 49.8 per cent to `1,731 crore buoyed by increase in revenue from Hyderabad and Istanbul airports.
Power business saw a decline of 4.5 per cent to `509 crore. Road projects like Hyderabad-Vijaywada and Hungund-Hospet too registered an increase in revenue.
source: http://www.newindianexpress.com / The New Indian Express / Home> Business> News / by ENS Economic Bureau – Hyderabad / June 01st, 2013