Cargo Breaking News
APM Terminals Pipavav (Gujarat Pipavav Port) has reported 23 per cent decline in net profit at Rs 520 million for the second quarter ended September 30, 2020. The company had reported consolidated net profit of Rs 671 million for the corresponding quarter of last year. Revenues for the second quarter stood at Rs 1,827 million as against Rs 1,992 million, lower by 8 per cent. Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) fell to Rs. 1,029 million as compared to Rs. 1,267 million in Q2FY20. EBITDA margin stood at 56 per cent in Q2FY21 as against 64 per cent in Q2FY20; while net profit margin was at 28 per cent during July-September quarter as compared to 34 per cent in Q2FY20.
For the first half-year ended September 30, 2020, the revenues stood at Rs 3,416 million, lower by 9 per cent compared to first half of FY20. EBIDTA and net profit declined by 13 per cent and 20 per cent respectively to Rs. 1,984 million and Rs. 984 million.
The quarter gone by has marked positive signs for the port as the Board of the Company approved investment of Rs 700 crore for the expansion plan. The stated investment will be utilized for upgrading the port’s existing facility to handle bigger ships and eventually expand the container capacity to 1.6 million TEUs.
