GMR infra back in the black with Rs 519 crore profit
Jun 01, 2013
Source : The Indian Expres


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.


Latest Realty News

Housing Development & Infrastructure Ltd served termination notice from MIAL
Jun 01, 2013
Housing Development & Infrastructure Ltd (HDIL) has received a termination notice from Mumbai International Airport Limited (MIAL) for its slum rehabilitation project, it said on Wednesday.
North Chennai home rates grow fastest
Jun 01, 2013
Northern parts of Chennai have long been considered the backwater region of the city. But the residential price index (residex) put out by the National Housing Bank (NHB) shows that Ayanavaram, Kolathur and Purasawalkam have seen the maximum appreciation in residential prices in the last six years across the country.
Luxury brands now get more room for growth in malls
Jun 01, 2013
Mall developers in India are setting aside up to 40% space for luxury brands, hoping to tap new money by offering labels such as Jimmy Choo, Canali and Gucci alongside mass-market products.
DLF targets new sales booking of more than 50% in FY'14
Jun 01, 2013
Realty major DLF LtdBSE -5.41 % today said it is targeting more than 50 per cent jump in new sales booking to Rs 6,000 crore in the 2013-14 fiscal.
Mumbai leaseholders opt for govt’s one-time premium offer
Jun 01, 2013
Plot holders are latching on to the state’s move to offer its leased lands on occupancy basis. While 22 plot holders in the suburbs have opted for the option, only six have chosen the other preference that involves renewal of lease by paying revised lease rents.
Mumbai Metro pushes property values in Ghatkopar and Andheri
Jun 01, 2013
The upcoming Mumbai Metro, which has been in the news for a long time, will finally be running across the city in another six months.
Singapore team expresses interest in infrastructure projects
Jun 01, 2013
In signs that the state's government initiatives to attract industry may be yielding results, a government-cum-business delegation from Singapore has evinced interest in investing in infrastructure projects, the proposed IT City at Lucknow,
AT Group chief Sethi beaten at his own game
Jun 01, 2013
AT Group CMDPradip Sethi, who allegedly cheated thousands of investors, was taken for a ride by land sharks, who made him buy land at inflated prices. Sethi, who had planned to return investors' heavy interests by selling it at higher rates, failed to dispose it after realizing the real price of the property, police said.
Current realty prices in metros may be unsustainable: Report
May 31, 2013
Investment demand for real estate in the metros, rather than the demand from those who want to stay in the house they are buying, seems to have outpaced the rise in home prices in these cities compared to in the smaller ones. And this faster pace of rise in real estate prices in the metros may eventually turn out to be its own undoing, a report by Japanese financial services firm Nomura pointed out.
Realty prices in Puducherry’s French quarter take a hit
May 31, 2013
It's an inevitable domino effect. The local government's civic apathy is robbing Puducherry of its real estate sheen. According to sources, the attraction of the city's famed White Town or French quarter - whose limited residential properties have always attracted both well-heeled locals and expats - is wearing off thanks to mounting garbage, litter-lined streets and hand-cart hawkers.

Latest Realty News Of State

Realty Talk's