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Port Pipavav records first full year of net profit

Saturday, 25 February 2012 | 00:00
APM Terminals Pipavav reported its first full year profit in 2011 was US$11.59 million. "Port Pipavav has steadily grown since 2009, when we started marketing our facilities," said 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."
Both container and bulk cargo volumes have grown considerably.
Container volumes grew 31 percent over 2010 with a throughput of 610,243 TEUs. Bulk volumes grew 18 percent in Q4 2011 as compared to Q4 2010 and recorded a growth of 10 percent in 2011.
Rail volumes grew significantly, recording a 71 percent increase in the number of rakes and a 78 percent increase in metric tonnes, from 3.09 million to 5.51 million.
Port Pipavav recorded an increase of 40 percent in operating revenue in 2011 while operational costs rose by 32 percent. EBITDA margins grew to 46 percent in 2011 as compared to 40 percent in 2010.
"Our operational margins have increased. Simultaneously, we have reduced the interest costs by 33 percent," said Hariharan Iyer, CFO, APM Terminals Pipavav. "The growth in cargo volumes has also helped us to generate economies of scale and reduce operating costs."
The port has undertaken several new projects to upgrade infrastructure. New container yards have been built, bringing the capacity to 850,000 TEUs. New rail sidings, sheds for fertiliser cargo with automated bagging and loading in rakes, will be completed by Q3 2012. Three new rail-mounted gantry cranes for container loading will also be installed and operational by Q4 2012.
Pipavav Rail Corpn, a JV between the Indian Railways and APM Terminals that maintains and operates the 269 km railway line for the port, also showed a profit.
Source: Portnews
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