Gujarat Pipavav Port profit grows 16% in Oct-Dec

Gujarat Pipavav Port Ltd today reported 15.8% rise in net profit at Rs 89.31 crore for the quarter ended December 31, 2014, due to increase in cargo exports.

The company's net profit in the quarter ended December 31, 2013, was Rs 77.06 crore, it said in a filing to BSE.

The profit was "mainly driven by an increase in cargo exports as well as increase in coal and fertiliser imports", the company said in a statement.

Total income from operations during the quarter increased to Rs 184.48 crore, over Rs 145.23 crore in December 31, 2013.

"Bulk cargo increased 128%, mainly driven by higher coal and fertilizers. The new Liquid cargo business has also started contributing positively to the overall revenue," the statement said.

The company further said that this year it is changing its accounting year from current calendar year to Financial Year April-March.

Accordingly, the current year will be a 15-month period starting Jan 1, 2014 until March 31, 2015, the company said.