Kolkata Port Trust operational surplus at Rs 603 crore in FY16

Kolkata Port Trust (KoPT) today announced a 28.58 per cent rise in operational surplus at Rs 603.65 crore for 2015-16.

It had reported operation surplus of Rs 469.49 crore in the corresponding year.

"We had a very good year. We had handled 50.19 million tonne during FY16 from Kolkata and Haldia docks, a jump of 8.43 per cent over last year. The operating surplus jumped by 28 per cent to Rs 603.65 crore during the year," KoPT Chairman M T Krishna Babu said.

However, the high surplus notwithstanding KoPT posted a loss of Rs 148 crore due to Rs 333 crore transfer to pension fund.

"It makes no sense to report profit and pay tax when we have a huge pension liability. Moreover, we received Rs 75 crore less dredging subsidy in 2015-16 compared to last fiscal," Babu said.

The actuarial value of the pension liability is Rs 5,800 crore and KoPT has so far able to build a corpus of Rs 1,300 crore.

The riverine port, which is one of the fastest growing port among the major ports, has undertaken a capex plan of Rs 1,256 crore for the current fiscal, about 200 per cent higher than 2015-16 capex figure of Rs 462 crore, the Chairman said.

Of the Rs 1,256 crore that would be invested in capacity building of the port, Rs 370 crore will be pumped from KoPT's own resources and rest would be chipped in from private investors.

There are seven proposed projects which include development of mooring facility at sandheads for transhipment, 9 million tonne outer riverine terminal I and II, second railway line at Haldia Dock Complex, Durgachak and others, he added.