Gujarat Pipavav Port Q3 profit up over 5-fold

AP Moller-Maersk group company Gujarat Pipavav Port (APM Terminals Pipavav), one of Western India’s fastest growing gateway ports, reported net sales of Rs 1,262 million for the third quarter ended September 30th, 2013 as against Rs 943 million for the corresponding period last year; up 34%. Net profit rose 439% or a 5x increase to Rs 441 million as against Rs 82 million in the corresponding quarter last year.
 
EBIDTA for the quarter was up 82% at Rs 614 million and EBIDTA margin stood at 48.6% as against 35.7 % reported in Q3CY12.
 
Commenting on the quarterly results APM Terminals Pipavav Managing Director, Mr. Prakash Tulsiani said, “Our new double stack high cube container offering has helped in better capacity utilization at the port. We continue to see volume growth despite the challenging business environment.”  < Korea Shipping Gazette >