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i-maritime news letter

Adani Ports & SEZ Q3 net up 36% - 2012-02-06

Adani Ports and SEZ has reported a 35.95 per cent growth in net profit to Rs 310.59 crore for the third quarter ended December 31, 2011.

The company, formerly known as Mundra Ports and SEZ, had reported a net profit of Rs 228.47 crore during the corresponding quarter of 2010-11.

Net sales, during the quarter under review, rose 55.71 per cent to Rs 655.37 crore vis-a-vis Rs 420.68 crore in the October-December quarter of FY’11, the company said in a filing to the BSE.

However, the company’s net finance cost increased by about 6 times to Rs 78.31 crore, largely due to losses incurred on derivative contracts.

The filing said that the company paid Rs 25.15 crore, which is net of minimum alternate tax (MAT), although it has filed a public interest litigation (PIL) against the levy of MAT on special economic zone (SEZ) developer.

The Adani Group company, which changed its name on January 6, also said that Abbot Point Coal Terminal of Australia has been incorporated as its step-down subsidiary on December 6, 2011. The company had acquired Abbot Coal Terminal for about Rs 9,000 crore (A$ 1.8 billion) in May 2011.

The filing added that the company will pay an interim dividend of Rs 0.30 per equity share of Rs 2 each for the current fiscal.

Shares of the company were trading at Rs 148.50 apiece on the BSE, down 0.93 per cent from the previous close.

Source: Hindu Business Line