State-owned Container Corporation of India boosted first quarter net profit 21 percent from a year earlier to $52 million, driven by higher earnings from its core export-import operations, the company said Friday.
Concor, the country’s largest intermodal logistics provider, reported overall revenue increased 3.5 percent to $214 million in the three months to the end of June.
Operating income from international freight hauling rose 7 percent to $173 million from $162 million in the year-ago quarter.
Income from domestic intermodal operations dropped about 8 percent year-over-year to $41 million from $45 million.
Operating expenses for the quarter totaled $164 million, up from $158 million a year earlier. Rail-haulage costs increased to $122 million from $119 million, representing about 55 percent of total sales.
Concor, an offshoot of Indian Railways, operates a network of over 60 inland container terminals at various hinterland locations across the country. It had a monopoly of the container hauling market until the central government opened the sector to private players in 2006 and issued licenses to 14 new operators, including local logistics arms of major ocean carriers covering Indian trades.
For fiscal 2010-11 ended March 31, 2011, it posted net profit of $184 million, up 5.5 percent from $175 million the previous year.