JOC Staff | Jan 30, 2013 2:51PM EST
Container Corporation of India reported its net profit in the third fiscal quarter, which ended Dec. 31, 2012, was $43.8 million, down 2 percent from $44.6 million in the same quarter in 2011.
Revenue for the October-December quarter grew 3.5 percent year-over-year to $200.3 million, the state-owned company said in a statement.
Quarterly income from international container hauling business increased to $159.3 million from $157.5 million a year earlier. Income from domestic intermodal operations surged 13 percent to $41 million from $36 million in the same period in 2011.
Officials attributed the decline in profit to rising operating expenses, which totaled $160 million in the third quarter compared with $150 million a year earlier. Rail-haulage costs grew 5 percent year-over-year to $116 million, representing nearly 60 percent of total sales.
The company’s net profit for the first three fiscal quarters rose 10 percent to $132.1 million from $120.4 million a year earlier. Total income from April through December increased 6 percent to $587 million from $553 million.
Concor, an offshoot of Indian Railways, is the largest intermodal logistics provider in the country with a network of nearly 60 inland terminals. The company last week announced a hike in its container hauling rates starting Feb. 1 in response to a haulage tariff revision by Railways.
Concor’s net profit in fiscal 2011-12, which ended March 31, 2012, was flat year-over-year at $160 million.
