GMR shares rise on back of Maldives deal: Centre for Asia Pacific Aviation

Shares in Maldives GMR Infrastructure shares soared 5.5 percent 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, the Centre for Asia Pacific Aviation (CAPA) has reported.

GMR Infrastructure stock closed 0.5 percent  higher.

GMR Infrastructure reportedly offered US$78 million upfront for the contract, plus 1 percent of total profits in the first year (until 2014) and 10 percent of profits from 2015 to 2035.

Meanwhile, Maldives Airports Company Ltd (MACL) reported an 11.6 percent year-on-year increase in net profit to US$20.1 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 percent year-on-year, and a payment of 1 percent of net profit, US$200,886, as bonus to its employees.

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