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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.
John Meyer of SP Angel reports, from Reuters sources, that battery makers are descending on Australian and Canadian cobalt developers. “Nervous Asian battery makers are turning to early-stage cobalt projects in Australia and Canada to lock in supplies of the critical battery ingredient ahead of expected shortages as demand for electric vehicles revs up.“Mine developers say interest from Japanese and Korean firms is particularly strong as they compete with rivals from China, which has built deep supply chain ties with the DRC, the world’s top producer.“At least half a dozen Australian and Canadian mine developers are currently in talks on potential supply deals with battery and automakers for production at some point beyond late 2019-2021, These include Australia’s Aeon Metals, Northern Cobalt and Cobalt Blue, and Canada’s Ecobalt and Fortune Minerals.”Meyer also reports that Glencore (its Kamoto operation in the picture) has signed a cobalt supply deal to sell 52,800 t of cobalt to GEM, a Chinese battery recycler, over the next three years. GEM comments that its need for cobalt is increasing daily and recycled resources are not able to satisfy demand.GEM and it’s subsidiaries are planning to buy 13,800 t of cobalt in 2018, 18,000 t in 2019 and 21,000 t in 2020.