GMR Infrastructure gains on Maldives win
GMR Infrastructure shares soared 5.5% to INR60 in morning trade on the Bombay Stock Exchange (BSE) on Friday, after announcing the day before that it was awarded the contract to manage and expand Male International Airport in the Maldives. GMR Infrastructure stock closed 0.5% higher.
- GMR Infrastructure awarded contract to manage and expand Male International Airport in the Maldives.
- GMR Infrastructure stock price increased by 5.5% following the announcement.
- GMR Infrastructure offered USD78 million upfront for the contract, plus a percentage of profits.
- Maldives Airports Company Ltd (MACL) reported an 11.6% increase in net profit for the year.
- MACL declared increased dividends to the Maldives Government and bonus payments to employees.
- GVK Power and TAV Airports experienced minimal changes in their stock prices.
GMR Infrastructure reportedly offered USD78 million upfront for the contract, plus 1% of total profits in the first year (until 2014) and 10% of profits from 2015 to 2035.
Meanwhile, Maldives Airports Company Ltd (MACL) reported an 11.6% year-on-year increase in net profit to USD20.1 million for the 12 months ended 31-Dec-2009. MACL also declared the payment of USD4.9 million in dividends to the Maldives Government, an increase of 36.7% year-on-year, and a payment of 1% of net profit, USD200,886, as bonus to its employees.
Elsewhere, GVK Power fell 0.5% and TAV Airports was flat.
Selected airports daily share price movements (% change): 25-Jun-2010
Source: Centre for Asia Pacific Aviation & Yahoo! Finance