APM Terminals Pipavav reports 28% net profit growth in Q4FY2017

APM Terminals Pipavav reports 28% net profit growth in Q4FY2017

PIPAVAV: APM Terminals Pipavav (Gujarat Pipavav Port Ltd), announced the standalone financial results for the quarter and full year ended March 31, 2017.

For the fourth quarter ended March 2017, the company reported a net profit of INR 662 million for Q4FY17 as against INR 517 million in Q4FY16.Total Income for the quarter under consideration stood at INR 1,746 million as against INR 1,610 million in Q4FY16.

EBIDTA for the quarter was at INR 1,147 million and EBIDTA margin stood at 65.7%. The Container cargo business for the quarter stood at (appx.)158k TEUs, Bulk business at (appx.) 300kMT and Liquid business at (appx.)250k MT. RoRo business at (appx.)24k units for the quarter under review.

For the full year ended March 2017, the company reported a net profit of INR 2,499 million. Total Income from operations for FY17 stood at INR 6,831 million. EBIDTA for FY17 was at INR 4,186 million and EBIDTA margin stood at 61.3%.

For FY17, the Container cargo business was 663k TEUs, Bulk business was 2 million MT, Liquid business was appx 686k MT and RoRo business was appx. 84k units.

The board recommends a dividend of 18% (Rs1.80 per share) for FY 17.

Commenting on the results, APM Terminals Pipavav (Gujarat Pipavav Port Ltd), Managing Director, Mr. Keld Pedersen said: “The numbers for the year ended March 31st 2017 is in line with our expectations. We are delighted to deliver good results in spite of challenging market conditions. The EBITDA has grown by 11%yoy and our net results have grown by 31%yoyowing to better cargo mix and RoRo business. This is the reflection of our commitment to the trade and to our customers”.

Business highlights and developments at APM Terminals Pipavav in FY 17:

•             Implemented e-SMTP for paper free customs clearance procedure; this will result in quick turnaround of cargoes saving 12 to 48 hours every week.

•             Welcomed Government and Customs long term vision of facilitating Direct Port Delivery (DPD) system for the ease of doing business.

•             Largest RoRo [Roll in Roll out] vessel Hoegh Tracer called on APM Terminals Pipavav whichloaded 1,700 Indian-made passenger cars for export.

 

Source: Daily Shipping Times.

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