From correspondents in Tamil Nadu, India, 09:00 PM IST
Sical Logistics Ltd, India’s leading provider of integrated multi-modal logistics solutions for bulk and containerized cargo and offshore logistics, today announced that the profit after tax and before extraordinary items of the logistics division for the first fiscal quarter ended 30 June 2008 was Rs 8.98 crore vs. Rs 9.29 crore a year ago while the logistics net sales was Rs 151.81 crore vs. Rs 155.38 crore a year ago.
The un-audited consolidated net profit after tax for the first fiscal quarter was Rs. 9.99 crore vs Rs. 11.95 crore a year ago. Consolidated Q1 net sales were Rs 162.05 crore from Rs 252.13 crore a year ago. The decline in net profit and revenue on a consolidated basis was on account of the demerger of the non logistics businesses and the discontinuing businesses of Sical.
The consolidated profit before tax and extraordinary items was Rs 10.71 crore from Rs 15.17 crore a year ago. The extraordinary items represent the net loss on restating foreign currency convertible bond loan and deposits/ bank balances in foreign currency.
On the results, Ashwin C Muthiah, Chairman, Sical Logistics said, “Our performance in Q1 FY09 is in line with expectations- the logistics business has stabilized and the infrastructure projects are progressing as per schedule.”
“We commenced operations of our container train business in March this year and will receive delivery of the second rake by end July ‘08. Our Nagpur Road terminal is in advanced stages of financial closure, likely to be achieved by end July ‘08. We initiated work on the Sical iron ore terminal with the ground-breaking ceremony at the terminal site in Ennore on 16th July ‘08. The common user terminal will be one of the largest iron ore terminals in Asia with a capacity of 12 million tons.” said Ashwin Muthiah, Chairman, Sical Logistics
“We continue to strengthen our businesses and explore new business opportunities to fuel growth and are confident of achieving our goals for FY 2009.” added Ashwin Muthiah, Chairman, Sical Logistics.
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