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Indiaexportnews.com

Port Pipavav records first full year of net profit

  24.02.2012    

APM Terminals Pipavav (Gujarat Pipavav Port Ltd) has turned profitable, registering a net profit of Rs 571 million in CY 2011, Exim News Service reports.
"Port Pipavav has steadily grown since 2009, when we started marketing our facilities," said Mr Prakash Tulsiani, Managing Director, APM Terminals Pipavav. "Despite the challenging time the industry faces currently, our client base has grown. We have enhanced our infrastructure substantially and will continue to do so to serve the needs of our customers."
Continuing on the growth path, both container and bulk cargo volumes increased considerably. Container volumes grew 31 per cent over 2010, with throughput at 610,243 TEUs. Bulk volumes grew 18 per cent in Q4 2011 compared to Q4 2010 and recorded a growth of 10 per cent in CY 2011. Rail volumes grew significantly, surging 71 per cent in the number of rakes and 78 per cent in tonnes from 3.09 million tonnes (mt) to 5.51 mt.
Port Pipavav recorded an increase of 40 per cent in operating revenue in CY 2011 while operational costs went up by 32 per cent. EBITDA margins grew to 46 per cent in 2011 compared to 40 per cent in 2010.
The growth in cargo volumes and improvement in realisations helped the Port attain positive results during the year under review, said an official release.
Compared to Q3 2011, there has been a 104 per cent growth in net results, 18 per cent increase in revenue, 31 per cent increase in EBITDA and a 11 per cent increase in EBITDA margin. Compared to Q4 2010, in CY 2011 the Port recorded an increase of 33 per cent in revenue, 72 per cent in EBITDA and 2.4 times in net result from Rs 111 million to Rs 270 million.
"Our operational margins have increased. Simultaneously, we have reduced the interest costs by 33 per cent," said Mr Hariharan Iyer, CFO, APM Terminals Pipavav. "The growth in cargo volumes has also helped us to generate economies of scale and reduce operating costs."
Port Pipavav undertook several new projects to upgrade infrastructure. New container yards were built, increasing capacity to 850,000 TEUs. New rail sidings and sheds for fertiliser cargo, with automated bagging and loading facilities, will be completed by Q3 2012. Three new rail-mounted gantry cranes for container loading will also be installed and operational by Q4 2012, the release said.
"Safety of our people, both employees and contract labour, is very important for us. Our objective is to reduce risks and improve safety by minimising the man-machine interface," said Mr Tulsiani.
Pipavav Rail Corporation Ltd, a JV between the Railways and APM Terminals that maintains and operates the 269-km railway line for the Port, also turned profitable, the release highlighted.



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