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Gujarat Pipavav Port Ltd has registered a net profit of Rs 13.21 crore for the quarter ended September 2011, against a loss of Rs 9.82 crore in the same period last fiscal.
“This is on account of 30 per cent growth in containers handled and better realisation,” Mr Hariharan Iyer, Chief Financial Officer, APM Terminals Pipavav, told Business Line .
Gujarat Pipavav Port, a port under the aegis of the Gujarat Government, is branded APM Terminals Pipavav. The company registered a 22.6 per cent growth in net sales during the period under review, at Rs 92.48 crore. The operating costs went up by 10 per cent during the period. Better realisation during the period was due to “phasing out of rebates and marginal freight rate increases”. Mr Iyer added that the company also benefited from cost benefits that accrued due to economies of scale achieved by higher traffic volumes. The company handled 1.69 million TEU ( 20-feet equivalent unit) containers in quarter ended September 30 against 1.3 million TEUs in the same period last year.
The company's shares closed at Rs 71.30 on BSE on Tuesday.
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