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GVK posts Rs 281-cr loss in Q1
City-based GVK Power & Infrastructure Limited on Wednesday reported 281.34-crore net loss for the first quarter ended on June 30 due to increase in interest costs and rise in losses from airport business.
Hyderabad: City-based GVK Power & Infrastructure Limited on Wednesday reported 281.34-crore net loss for the first quarter ended on June 30 due to increase in interest costs and rise in losses from airport business. The infra major registered Rs 30.59 crore in the same period last fiscal.
However, the company’s total income increased to Rs 712.67 crore last quarter as compared with Rs 699.52 crore a year ago. The interest costs during the quarter rose to Rs 320.97 crore from Rs 188.43 crore in the year-ago period.
The Mumbai International Airport Private Limited (MIAL) registered a loss of Rs 244.54 crore for the quarter ended June 30, 2014 as against profit of Rs 93.56 crore in the corresponding quarter of the previous year.
"The loss in MIAL is attributable to the one-time charge of Rs 286.78 crore which is the written down value of the old terminal T2 that has been demolished," the statement said. Bangalore International Airport Limited (BIAL) recorded a loss of Rs 30.05 crore for the same period as against the profit of Rs 64.97 crore, last fiscal. The three gas based projects - 464 MW GVK Gautami Power Limited and 235 MW Phase I and 220 MW Phase II projects of GVK Industries Limited - have recorded revenue of Rs 74.16 crore for the period as compared to Rs 86.62 crore for the corresponding quarter of the previous year.
"This reduction is mainly due to stoppage of gas supply from KG basin to two gas plants and reduced gas supply to one plant," the statement said.
ONGC Q1 net up 19%
Mumbai: State-owned oil company Oil and Natural Gas Corporation Limited reported a 19 per cent rise in net profit at Rs 4,782 crore for the quarter ended June 2014. It was Rs 4,016 crore in the same period a year ago. The net sales increased 13.5 per cent to Rs 21,813 crore as against Rs 19,218 crore in June 2013. ONGC notified five oil, gas discoveries in Q1.
The gross realisation was at $109.48/barrel as compared to $103.06/barrel a year ago.
Tata Steel Q1 net down 70%
Mumbai: Tata Steel Ltd's first quarter consolidated net profit slumped 70 per cent, hurt by provisions for impairment of non-core assets and a higher tax expense.
The steel producer posted net income of Rs 337 crore in the three months ended June 30, compared with Rs. 1,139 crore rupees a year earlier. However, net sales jumped 11 per cent to Rs 36,143 crore, helped by an increase in European demand.
The company's management has intensified cost cuts and focused on high-margin products to boost sales at Tata Steel Europe, which contributed close to 57 per cent of the company's total steel production last year.
