gammon infrastructure projec (GISP) Snapshot

Gammon Infrastructure Projects Limited reported audited standalone earnings results for the fourth quarter and full year and unaudited consolidated earnings results for the fourth quarter and audited consolidated earnings results for the year ended March 31, 2013. For the quarter, on standalone basis, the company reported net sales\ income from operations of INR 324.462 million compared to INR 153.638 million a year ago. Profit from operations before other income, finance costs and exceptional items was INR 201.724 million compared to INR 158.779 million a year ago. Profit from ordinary activities before tax was INR 64.843 million compared to INR 126.401 million a year ago. Net profit for the period was INR 35.050 million or INR 0.05 per basic and diluted share before and after extraordinary items compared to INR 107.907 million or INR 0.15 per basic and diluted share before and after extraordinary items a year ago. For the full year, on standalone basis, the company reported net sales\ income from operations of INR 1,243.407 million compared to INR 580.390 million a year ago. Profit from operations before other income, finance costs and exceptional items was INR 794.412 million compared to INR 541.157 million a year ago. Profit from ordinary activities before tax was INR 528.460 million compared to INR 401.407 million a year ago. Net profit for the period was INR 304.267 million or INR 0.41 per basic and diluted share before and after extraordinary items compared to INR 329.400 million or INR 0.45 per basic and diluted share before and after extraordinary items a year ago. For the quarter, on consolidated basis, the company reported net sales\ income from operations of INR 1,638.984 million compared to INR 1,151.611 million a year ago. Profit from operations before other income, finance costs and exceptional items was INR 809.631 million compared to INR 435.648 million a year ago. Profit from ordinary activities before tax was INR 71.145 million compared to loss from ordinary activities before tax of INR 103.774 million a year ago. Net profit for the period was INR 104.531 million or INR 0.14 per basic and diluted share before and after extraordinary items compared to net loss for the period of INR 155.075 million or INR 0.21 per basic and diluted share before and after extraordinary items a year ago. For the full year, on consolidated basis, the company reported net sales\ income from operations of INR 6,621.935 million compared to INR 3,991.710 million a year ago. Profit from operations before other income, finance costs and exceptional items was INR 3,142.691 million compared to INR 1,545.788 million a year ago. Profit from ordinary activities before tax was INR 174.725 million compared to loss from ordinary activities before tax of INR 105.192 million a year ago. Net profit for the period was INR 147.263 million or INR 0.20 per basic and diluted share before and after extraordinary items compared to net loss for the period of INR 254.181 million or INR 0.35 per basic and diluted share before and after extraordinary items a year ago.

Gammon Infrastructure Projects Limited (BSE:532959) is seeking to acquire 24% stake in rights to develop and operate the 1,400-crore Indira container terminal at Mumbai Port from its joint venture partner Dragados Offshore S.A. KKMohanty, Managing Director of Gammon Infrastructure said, "We are in talks with global container terminal operators to partner us for the port project. We are looking to complete the transaction soon. We have clearance from all stake holders and banks to buy 24% stake from Dragados." A senior official at Mumbai port also confirmed that the companies have informed the port about their plans. However, the clause of the agreement currently does not allow Dragados to exit the project completely without operating the port for a minimum of three years.

Gammon Infrastructure Projects Limited announced that they will report fiscal year 2013 results on May 24, 2013