Container Corporation of India boosted third quarter net profit 6 percent from a year ago to $49.2 million, as growth in the state-owned company's core container hauling business pushed revenue up 8 percent to $213.4 million.
The positive results follow a rather poor performance in the second quarter ended Sept. 30, when net profit slipped 16 percent on a year-on-year basis.
The intermodal logistics provider’s operating income from international intermodal operations surged 12 percent year-over-year to $173.7 million, while income from domestic traffic fell 8 percent to $39.7 million.
Operating expenses for the three months to the end of December rose 12 percent to $165 million. Rail haulage costs increased 11 percent to $122 million from $109.6 million a year earlier, accounting for almost 60 percent of total sales.
Concor’s net profit for the first three quarters of fiscal 2011-12 grew 4 percent year-over-year to $132.8 million. The company, an offshoot of Indian Railways, operates a network of more than 60 inland cargo terminals across the country.
For fiscal 2010-11 ended March 31, 2011, it reported net profit of $184 million, up 5.5 percent from $175 million the previous year.