APSEZ Q4 net up 45%

Adani family pays AUD 235.71 million for Abbot Point

Adani Ports and Special Economic Zone Ltd (APSEZ)’s fourth quarter profits jumped 45 per cent on year-on-year basis to Rs  491 crore as compared to Rs  339 crore in the corresponding quarter previous year.

The total income for the quarter stood at Rs  1031 crore, up by 58 per cent from Rs  652 crore in the same period last year, the company informed after the results announcement on Wednesday.

Further, commenting on the divestment of Abbot Point Terminal in Australia, the company informed that the promoters of APSEZ, Adani Family has agreed to pay AUD 235.71 million for the Abbot Point stake.

“The independent valuation of Abbot Point investment as per the instructions of the independent directors has been done. Though the valuation was at a price below the investment value, the promoters have accepted to pay the full investment value of AUD 235.71 Million,” the company stated in its statement.

“The divestment of investments results into a gain of Rs  70 crore on standalone basis (to APSEZ), and on a consolidated basis a gain of Rs  420 crores,” the statement said.

Gautam Adani, chairman, APSEZ said, “Disinvestment of the port at Abbot Point, Australia will further give fillip to APSEZ’s growth plans.”

On standalone basis, APSEZ’s total income for the year 2012-13, increased by 41 per cent to Rs  3,564 crore compared to Rs  2,522 crore in the previous year. The net profit for year was up by 49 per cent to Rs  1,754 crore as compared to Rs  1,177 crore in the previous year.

Consolidated income was up by 40 per cent to Rs  3,841 crore for the year 2012-13 compared to Rs  2,749 crore in the last year. Consolidated net profit excluding Abbot Point, increased by 44 per cent to Rs  1,608 crore as compared to Rs  1,117 crore in the previous year.

“And net profit (consolidated) for the year after Abbot Point disinvestment increased by 47 per cent to Rs  1,623 crore as compared to Rs  1102 crore in the previous year,” the company statement said.

The company handled consolidated cargo at 90.71 million tonnes for the year 2012-13, up by 29 per cent against previous year.