Gujarat Pipavav Q4 standalone net dips 25% to Rs 49.8 cr

Total income down 14% to Rs 161 cr; Board recommends maiden dividend of Rs 1.90 a share

Gujarat Pipavav Port Ltd (GPPL) today reported a 25.49 per cent decline in standalone net profit at Rs 49.83 crore for the March quarter.

The company, part of APM Terminals had posted a net profit of Rs 66.88 crore in the year-ago quarter, GPPL said in a BSE filing.

Total income of the company also fell by 14.36 per cent to Rs 160.98 crore in the fourth quarter against Rs 187.99 crore in the corresponding period.

The expenses, however, declined to Rs 86.53 crore during the quarter under review from Rs 91.55 crore in the year-ago quarter.

In a separate filing, GPPL's informed that its Board of Directors has recommended a maiden dividend of Rs 1.90 per share on the equity share capital of the company subject to the approval by the members and dividend once approved will be paid on or after August 16, 2016.

Its net profit for year ended March 31 stood at Rs 236.65 crore.

Shares of GPPL were trading at 1.60 per cent down at Rs 159.60 apiece on BSE.