Gujarat Pipavav Port Q2 Net drops 32% to Rs 59 cr

Gujarat Pipavav Port today posted a 32 per cent decline in standalone net profit at Rs 59.41 crore for the quarter ended September 30, 2016.
The company had posted a net profit of Rs 87.48 crore in the corresponding quarter of previous fiscal, Gujarat Pipavav Port Ltd said in a filing to BSE.
However, its total income from operations during the quarter increased to Rs 172.17 crore from Rs 148.98 crore in the year-ago period.
(REOPENS DCM 41)
Gujarat Pipavav Port's total revenues increased to Rs 172.17 crore from the Rs 167.19 crore in the year-ago period, while its pretax profit stood at Rs 82.30 crore as against Rs 123.74 crore.

The pretax profit margin has moved up to 57 per cent from 51 per cent a year ago, the company said in a statement.

The business environment is challenging and the company will continue to focus on growth through close co-operation with customers, its Managing Director Keld Pederson said.
The firm's container volumes grew marginally over the previous quarter to 665,000 standard units and the bulk was up to 0.71 million tonnes from 0.60 million tonnes.
It also witnessed 21 RORO calls in which 21,570 cars were handled, a jump of 96 per cent over the preceding quarter.
Shares of the company today closed 1.53 per cent down at Rs 166.85 a piece on BSE.