Vizag port net profit doubles

The port earned a net profit of Rs 79 cr against an operating surplus of Rs 261 cr

Despite a fall in cargo handled, Visakhapatnam port registered more than 100 per cent growth in net profit during the just-ended fiscal.

During 2013-14, the port earned a net profit of Rs 79.19 crore against an operating surplus of Rs 261 crore, when compared with Rs 37.04 crore net profit with an operating surplus of Rs 213 crore last fiscal. The port handled 58.5 million tonnes (mt) cargo in 2013-14.

"This was possible because of better financial management," said GVL Satya Kumar, deputy chairman of Vizag port, here on Monday.

During the just-concluded fiscal, the port made a capital expenditure of Rs 265 crore, which led to creation of additional 15 mt handling capacity. The capex in the earlier fiscal was Rs 72 crore.
 

In 2014-15, it would invest around Rs 374 crore in capital expenditure and expects to add handling capacity of 15 mt, Kumar said.