State-owned Container Corp. of India boosted second quarter net profit 32 percent from a year earlier to $44 million, driven by higher earnings from its core export-import intermodal operations, the company said in a statement.
The strong results follow a rather modest performance in the first quarter ended June 30, when net profit grew 4 percent on a year-on-year basis.
The country’s largest intermodal logistics provider reported overall revenue increased 6 percent to $199 million in the three months to the end of September.
Operating income from international freight-hauling business rose 7 percent year-over-year to $161 million. Income from domestic intermodal traffic grew 3 percent to $38 million from a year earlier.
Operating expenses for the second quarter totaled $159 million, up 9.5 percent from $145 million a year earlier. Rail-haulage costs increased to $116 million from $106 million, representing nearly 60 percent of total sales.
The intermodal operator’s net income from April through September, the first fiscal half, surged 16.5 percent year-over-year to $90 million, while overall revenue during the six-month period increased 7.5 percent to $395 million from a year ago.
Concor, an offshoot of Indian Railways, operates a network of more than 60 inland cargo terminals across the country.