GVK Power Q4 losses jump

Hyderabad, May 15 (IANS) Energy and infrastructure major GVK Power & Infrastructure (GVKPIL) Wednesday reported a consolidated net loss of Rs.171.01 crore for the quarter ended March 31, 2013, against a net loss of Rs.20.88 crore in the corresponding period a year ago.

The losses were incurred largely in the power business.

The company said it has “deferred recognition of revenue” (unable to consider as revenue) of around Rs.237 crore pending orders from state power regulator to AP Transco for payment of full capacity charges to it.

A GVKPIL subsidiary is claiming full capacity charges from AP Transco because of the alternate fuel equipment installed since June 2012 to offset the lower and uncertain gas supplies to its power plants.

The company’s quarterly sales totaled Rs.500 crore, a decrease of 23.95 percent over Rs.658 crore in the same period of the previous fiscal.

Shares of the company gained Rs.0.11, or 1.19 percent, over its previous close, to trade at Rs.9.39 on the BSE .

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