Gujarat Pipavav Port today reported a net profit of Rs 10.90 crore for the quarter ended June 30, 2011.
The company had posted a loss of Rs 24.22 crore in the same quarter a year ago.
Net sales of the company rose by 67.48% during the April-June quarter at Rs 93.99 crore vis-a-vis Rs 56.12 crore in the first quarter of 2010-11, it said in a filing to the Bombay Stock Exchange.
The filing added that promoters of the company, APM Terminals have pledged their entire stake to Infrastructure Development and Finance Company (IDFC) to raise capital for project development.
APM Terminals, the ports and terminals company of the maritime giant, the AP Moller-Maersk Group, holds 43.01% in Gujarat Pipavav Port, the company's website said.
Share of the company closed today at Rs 69.85 apiece on the Bombay Stock Exchange, up 2.49% from the previous close.
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