GVK Power and Infrastructure reported Q1 2008 net profit of Rs 40.6 crores. In an interview to a private business channel, CFO Mr. Issac George said that the company is waiting for gas supplies from RIL to commence commercial operations for the 684 MW to come online.
The power assets contributed lower profits when compared to Q1 2007 because of a a one-time charge towards major maintenance expenses. According to new accounting guidelines, major maintenance expense, which comes once in three years on gas turbines has to be written off the in the year in which the expenditure is incurred. He stated that all their projects are on schedule.
The power assets contributed lower profits when compared to Q1 2007 because of a a one-time charge towards major maintenance expenses. According to new accounting guidelines, major maintenance expense, which comes once in three years on gas turbines has to be written off the in the year in which the expenditure is incurred. He stated that all their projects are on schedule.
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