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i-maritime News Service

Essar Ports Q1 net jumps 73% - 2012-07-30

Essar Ports has reported a 73 per cent jump in first quarter net profit on higher revenue mainly because of increased traffic at its ports. For April to June quarter, the company’s net profit grew to Rs 68.5 crore from 39.6 crore in the same period a year ago. Revenue rose about 19 per cent to Rs 330.3 crore (Rs 278.5 crore).

The company handled 12.65 million tonnes of cargo in the first quarter at its two ports, which was a 13 per cent increase from the same period a year ago. The company currently operates two ports – Vadinar and Hazira – in Gujarat. The company said it plans to spend Rs 600 crore in the current fiscal and Rs 2,100 crore in the next two years. Shares of the Mumbai-based company closed at Rs 98.35, up 0.72 per cent on the BSE.

Source : Hindu Business Line