JOC Staff | Jan 31, 2013 6:42PM EST
Trucking and logistics giant Transport Corporation of India reported on Thursday its net profit declined 16 percent year-over-year to $2.12 million in the third fiscal quarter, which ended Dec. 31, 2012, mainly because of rising operating costs.
Operating revenue for the October-December quarter grew 6 percent to $92 million from $87 million in the same quarter in 2011, the company said in an earnings statement.
Quarterly operating income from the freight division was $36.7 million, a slight increase from $36.1 million a year earlier. The company’s express segment posted a $2.2 million operating profit against revenue of $27.15 million.
Operating expenses in the third quarter totaled $87.6 million, up from $82 million for the same period in 2011.
The company posted net profit of $7.12 million in the first three fiscal quarters, down 6 percent from $7.6 million a year earlier. Revenue during April to December rose 6.5 percent to $265.5 million from $249.3 million.
Gurgaon-based TCI operates a fleet of more than 6,000 trucks and five cargo vessels for coastal shipping, supplemented by a pan-Indian distribution network covering nearly 13,000 locations. The company recently announced it plans to spend about $28 million in the current fiscal year to expand its logistics infrastructure.
TCI boosted net profit 19 percent year-over-year to $10.8 million in fiscal 2011-12, which ended March 31, 2012.