INDIA's largest private port infrastructure developer, Adani Ports and Special Economic Zone (APSEZ), has achieved strong third-quarter results driven by capacity expansion and a jump in cargo volumes, reports Newark's Journal of Commerce.
In a filing to the Bombay Stock Exchange, APSEZ reported net earnings in the October-to-December period of INR512 crore (US$83.5 million), increased 14 per cent compared to the same period a year earlier. Quarterly group revenue surged 38 per cent to $277.3 million.
The group, via its various cargo terminals, including its main base in Mundra, handled 39 million tons of cargo in the third fiscal quarter, up 33 per cent from the same period in 2013, with Mundra accounting for 29 million tons.
"We are pleased that our performance across all ports continues to be robust, therefore reflecting the strength of our pan-India strategy," said group chairman Gautam Adani.
In the first three fiscal quarters, from April through December, APSEZ made a consolidated net profit of $270 million, up 37 per cent year on year, drawn on revenue that rose 19 per cent to $814.5 million.
Total cargo volumes for the nine-month period totalled 108 million tons, up 29 per cent, with Mundra contributing 84 million tons, a gain of 13 per cent over 2013.
Also, Mundra handled 2.02 million TEU in the first nine months of fiscal year 2014-15, as against 1.68 million TEU in the corresponding period in 2013.
This resulted in 20 per cent growth compared to eight per cent aggregate growth in box volumes at all major ports, according to APSEZ.
Mundra's strong container gains, recently, could be partially fuelled by diversions from Mumbai's Nhava Sheva port complex, where months-long delays and disruptions, which exacerbated a week ago following violent protests by truck drivers, are hurting shippers and transport companies.
Besides Mundra, APSEZ has marine terminals at Hazira, Dahej, Goa, Dhamra and Visakhapatnam.
As part of container handling growth plans, the group is building a 1.3 million TEU fourth facility jointly with French shipping line CMA CGM at Mundra, and also a 1.4 million-TEU terminal at Ennore, near Chennai, under a public-private-partnership with the port authority.
PORTS
03 February 2015 - 21:46
Quarterly profits for India's Adani Ports up 14pc to US$83.5 million
INDIA's largest private port infrastructure developer, Adani Ports and Special Economic Zone (APSEZ), has achieved strong third-quarter results driven by capacity expansion and a jump in cargo volumes, reports Newark's Journal of Commerce.
PORTS
03 February 2015 - 21:46
Quarterly profits for India's Adani Ports up 14pc to US$83.5 million
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