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Divestment of power generation company Intergen NV has hit airport-to-power company GMR Infrastructure resulting in a one-time loss of over Rs 1,006 crore for the fourth quarter of 2010-11. Its corresponding quarter profit was about Rs 73 crore.
Mr G.M. Rao, Group Chairman, said, “Though the divestment of Intergen has resulted in a one time and non-recurring loss of Rs 939 crore, it has released an equity capital of Rs 958 crore and would enable us to reinforce our focus and resources on more profitable Indian assets.” Net revenues for the full year, rose 26 per cent to Rs 5,773.8 crore (Rs 4,566.5 crore). For the quarter, it was up 74 per cent at Rs 1,962 crore (Rs 1,125 crore).
The company attributed its growth to increase in traffic in the Hyderabad and Delhi airports and better operations in its power plants.
The biggest money spinner for the company was the airports sector, which saw revenues jump 65 per centto Rs 2,395 crore (Rs 1,449 crore) in 2010-2011. The Energy sector showed a comparatively smaller growth of 7 per cent at Rs 2,186 crore (Rs 2,039 crore). .
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