Gujarat Pipavav Port Ltd (GPPL), part of the global APM Terminals, today reported a 25.49 per cent dip in net profit at Rs 49.83 crore for the March quarter, on decline in income.
The company had posted a net profit of Rs 66.88 crore in the year-ago period, 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 declined to Rs 86.53 crore during the quarter under review from Rs 91.55 crore in the year-ago quarter.
"For the full year ended March 2016, the company reported a net profit of Rs 2367 million (Rs 236 crore). Income from operations for FY16 stood at Rs 6,195 million (Rs 619.5 crore). EBIDTA for FY16 was at Rs 3,754 million (Rs 375.4 crore) and EBIDTA margin stood at 57 per cent." the company said in a statement.
Its Board recommended maiden dividend of Rs.1.90 per equity share, subject to shareholders' approval in the forthcoming AGM scheduled in August 2016.
For the last fiscal, the container cargo business was about 695K TEUs, Bulk business was 2.47 million tonne and Liquid volumes at about 250k tonnes and RoRo business was about 19 K units, the company said.
Commenting on the results, APM Terminals Pipavav (Gujarat Pipavav Port Ltd), Managing Director, Keld Pedersen said: "The results for the fourth quarter and year ended March 31st 2016 are in line with the last quarter. The Liquid volumes at appx 250k T is the highest so far."
During the fourth quarter, the company acquired three cranes from China. The investment is in line with company's expansion plan of increasing the container capacity to 1.35 TEUs.
The company said during the quarter it welcomed the maiden coastal RoRo carrying Hyundai cars from Chennai port to Port Pipavav, the first coastal RoRo vessel in India besides the first domestic RoRo vessel from Hoegh Autoliners.
GPPL is a part of the APM Terminals Global Terminal Network of 72 operating ports, terminal facilities and 135 Inland services.
It designs, builds and operates ports and inland services. GPPL is India's first Public Private Partnership (PPP) Port in India.
Shares of GPPL closed 1.85 per cent down at 159.20 a piece on BSE.
