Gujarat Pipavav Port Q2 profit plunges 41% to Rs 53 cr

Gujarat Pipavav Port has posted a 40.6 per cent decline in its standalone net profit at Rs 53.10 crore for the second quarter ended September 30, on the back of lower sales and higher expenses.
The company's net profit in the corresponding period was Rs 89.52 crore, Gujarat Pipavav Port Ltd said in a regulatory filing today.
The company's net sales during the quarter declined to Rs 140.42 crore from Rs 157.15 crore in the year-ago period.
The total expenses of the company increased to Rs 95.42 crore as against Rs 90.58 crore in the corresponding period.
The shares of the company were trading at Rs 161.70 on BSE, down 10.17 per cent in late trade.

Port Pipavav is managed and operated by APM Terminals, the ports and terminals company of the maritime giant, the A P Moller-Maersk Group.
APM Terminals is a leading container terminal operators in the world and offers the shipping community an integrated global terminal network of 56 ports and 154 inland facilities in 63 countries.