India's GMR posts large increase in earnings

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Indian conglomerate GMR Infrastructure has posted a massive increase in earnings for its airports business.

In the first three quarters of this fiscal year, there was a 132% rise in the airport business' earnings to 3.9 billion rupees ($84 million) from 1.7 billion rupees, says GMR. Revenues rose 14% to 10.6 billion rupees.

For the fiscal third quarter alone - three months ending 31 December - earnings rose 105% to 1.5 billion rupees, says GMR.

"The third quarter has been special for us [because] we commissioned the Istanbul Sabiha Gocken International Airport," it says. GMR has a contract to manage the Turkish airport.

GMR also says its airports in India saw an increase in domestic and international traffic. GMR manages Delhi and Hyderabad airports.

The company's earnings refer to EBITDA, earnings before interest, tax, depreciation and amortisation.