Date:27/04/2006 URL: http://www.thehindu.com/2006/04/27/stories/2006042705382006.htm

Business - Briefly

GMR Ind forays into aircraft chartering

HYDERABAD: GMR Industries, the flagship company of the GMR group, is foraying into the aircraft chartering business. To begin with, it has acquired a 12-seat Falcon and started generating income in a few months. K. Narayana Rao, Managing Director, GMR Industries, told presspersons that the aircraft was bought both for the Group's use and for testing waters, keeping in view the Group's interests in building green field airports, one of which near Hyderabad would be ready by January 2008. He said the company had phased out its trading activities during the year resulting in a decrease in the turnover from Rs. 310 crore in 2004-05 to Rs. 288 crore in 2005-06 ending March. But it had registered an increase of 85 per cent in profit after tax from Rs. 18.89 crore to Rs. 32.52 crore. In view of the good results the company has proposed an increased dividend of 25 per cent against 20 per cent in the previous year.