Gujarat Pipavav April-June Net flat at Rs 80.42 crore

Gujarat Pipavav Port Ltd (GPPL) today reported a flat net profit at Rs 80.42 crore for the April-June quarter.
The private sector port had reported a net profit of Rs 80.53 crore in the corresponding period of the previous fiscal.
Its net sales during the quarter under review rose to Rs 172.87 crore from Rs 155.81 crore in the same quarter of 2014-15.
The total expenses of the Mumbai-based firm increased by 27.28 per cent during the quarter to Rs 110.05 crore from Rs 86.46 crore in a year-ago period.
Depreciation and amortisation expenses rose to Rs 24 crore during the quarter from Rs 16.18 crore in the corresponding quarter of 2014-15.

The company said it has "revised depreciation rates on certain fixed assets" as per the Companies Act and "as a result of this change, the depreciation charge for the quarter ended June 30, 2015 is higher by Rs 750.51 lakhs, of which Rs 217.82 lakh pertains to assets whose life is already exhausted as on April 1, 2015."
It also said it has changed its accounting year from December 31 to March 31 and consequently the previous accounting year is for a period of 15 months from January 1, 2014 to March 31, 2015.
The shares of the company closed 1.53 per cent up at Rs 232.15 apiece on the BSE.