Major Indian port-based logistics provider Gateway Distriparks reported its net profit fell 4 percent year-over-year in fiscal year 2012-13, which ended March 31, 2013, to $23.44 million on a consolidated basis, despite significant revenue growth.
The Mumbai-based company’s overall revenue increased 16 percent in 2012-13 from a year earlier to $176.5 million. Operating profit for the full year sank 7 percent to $32 million.
Gateway in an earnings statement said its net income slipped in the last fiscal year due mainly to rising operating costs and a decline in the profitability of its container freight station business.
“The group continues to perform well in a challenging environment. There is a decline in the profitability of CFS business, which is expected to improve once the new facilities at Chennai and Cochin achieve optimum capacity utilization,” the company said.
The company’s net profit rose 5 percent in the last fiscal quarter from a year earlier to $6.2 million. Consolidated operating revenue for the January-March quarter was $49.4 million, reflecting a 27 percent gain over the same period in 2011-12.
Gateway operates the largest container freight station at the Port of Nhava Sheva (Jawaharlal Nehru). The company’s business offerings include rail freight transportation, warehousing, trucking and cold-chain management.