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Hyderabad: GMR Infrastructure suffered Rs 2341.25 crore loss on consolidated basis during the quarter ended March 31, owing to impairment losses of some of the power assets, the infra major said in a filing with bourses Thursday. The company reported Rs 4.81 crore profit after tax during the same quarter in FY18. Consolidated total income stood at Rs 2293.63 crore during the quarter under discussion against Rs 2234.88 crore in the same quarter in FY18, it said. Also Read – SC declines Oil Min request to stay sharing of documentsGMR booked an impairment loss of Rs 1,242.72 crore in the value of Group’s investment in GMR Energy Ltd and its subsidiaries/joint ventures , while it has accounted Rs 969.58 crore as impairment loss for GMR Chhattisgarh Energy Ltd an associate of the Group, total Rs 2212.30 crore. GMR Chhattisgarh Energy Limited (‘GCEL’) is engaged in development and operation of 2 X 685 MW coal based power project and had declared commercial operations of Unit I on November 1, 2015 and Unit II on March 31, 2016 of its 1,370 MW coal based thermal power plant at Raipur district Chhattisgarh. GCEL docs not have any long-term PP currently and has been incurring losses since the commencement of its commercial operations and has accumulated losses of Rs 4,228.51 crore as on March 31, 2019. GMR’s Airport segment reported Rs 1357.44 crore revenues with Rs 271.02 profit in Q4FY19. It garnered against Rs 1215.06 crore revenues in Q4FY18 with Rs 1,215.06 profit.
(L-R) Dr. Wm. Warren Smith, President, CDB, Hon. Winston Jordan, Minister of Finance, Guyana; and Ivelaw Lloyd Griffith, Vice-Chancellor of the University of Guyana prepare to sign the grant agreement on May 29. Assisting is Diana Wilson Patrick (standing), General Counsel, CDB.The seven-month technical assistance project for which the agreement was signed will allow the University to undertake a comprehensive assessment of its current library infrastructure, and prepare designs and cost estimates for construction of a new library, a media release from the CDB stated.The designs will be supported by an Environmental and Social Management Framework to ensure a socially inclusive, environmentally sensitive and hazard- and climate-resilient new facility.President, CDB Dr. Wm. Warren Smith said: “We are optimistic that this process will place the University of Guyana further along the path to having new facilities that are environmentally resilient, socially inclusive and a place of study and lifelong learning for the men and women who attend this institution.”In brief remarks Minister of Finance, Winston Jordan said: “This project is small but very poignant and very important; is going towards the advancement of the library facilities and we hope that with this other donors and other development partners can come on board, just like CDB […] to help with the reshaping of the university.”“We know that the library of any university is the intellectual centerpiece of what it does by way of what it does in education and instruction, by way of what it does in research for public policy and social benefit, and we at the University of Guyana have been without that critical infrastructure value for a long time. And so as we move along the project of rebuilding our university this is a demonstration of ‘putting your money where your mouth is’, and we are delighted to be able to have that,” said Vice-Chancellor of UG, Ivelaw Lloyd Griffith. The Caribbean Development Bank (CDB), the Government of Guyana and the University of Guyana have signed a USD150,000 agreement to support the institution’s (UG) efforts towards the construction of a new library. The agreement was signed on May 29, on the margins of the 48th Annual Meeting of CDB’s Board of Governors, which took place in Grenada. Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)RelatedITC, CDB to partner for trade-led development projects in the CaribbeanJuly 30, 2018In “Regional”FAO signs US$332,000 partnerships with UG, CIAT and Agri Ministry agenciesDecember 8, 2017In “latest news”UG partners with Jamaican publishing company to establish pressMarch 20, 2017In “Local News”