GVK Power's profit slides 11% in 3Q

GVK Power's profit after tax went down 11 percent to Rs 37.92 crore from Rs 42.81 crore in the three months to September 2011.

All the figures are on a consolidated basis. On the standalone basis, GVK Power reported a loss of Rs 2.40 crore in the three months ended September 2011. In the comparable period, it had a profit of Rs 61.33 crore.

In the same period, net sales on a standalone basis, dropped to Rs 6.80 crore from Rs 13.46 crore in the 2010 September quarter.

A regulatory filing added that during the quarter, the company acquired 10 per cent stake in GVK Coal Developers (Singapore) Pte Ltd, an entity created for the purpose of acquiring Hancock coal.