Coal news and updates

Sharp increase in Pipavav Port Q3 net profit

05 Nov 2014

November 5: Gujarat Pipavav Port Limited, on November 4, reported a 103.06% increase in its net profit for the July-September or third quarter of 2014 (the company’s financial year is at par with the calendar year) to Rs 89.52 crore against Rs 44.08 crore reported in the same quarter of the previous year, the company said in a filing to the Bombay Stock Exchange (BSE).

On a quarter-on-quarter basis, the company’s net profit increased 11.16% from Rs 80.53 crore in the April-June quarter (Q2).

Increase in container as well as bulk cargo volumes during the third quarter (Q3) of 2014, compared to the same quarter in 2013 and Q2 of 2014 pushed up the net profit of the port in Q3 of 2014.

According to a statement released by the port, during Q3 of 2014, bulk cargo volume stood at 1.01 million tons (mt), up from 0.986 mt handled in Q3 of 2013 and 0.823 mt handled in the previous quarter (Q2 of 2014), on the back of higher coal, fertiliser and lower minerals handled.