State-owned Container Corp. of India reported its net income in the first fiscal quarter, which ended June 30, was $41.65 million, inching up 0.5 percent from $41.43 million in the same period a year ago.
Quarterly revenue for the country’s largest intermodal logistics provider was $202 million, up 15 percent from $175 million a year earlier.
Concor's income from its core international container hauling business surged 10 percent year-over-year to $159 million. Income from domestic rail operations was $43 million, increasing from $30.2 million in the same period in fiscal 2012-13.
Officials attributed the flat growth in net earnings to rising operating expenses, which totaled $164 million in the first quarter compared with $134 million a year earlier. Rail-haulage costs jumped 21 percent year-over-year to $121 million. The haulage charge is the fee paid by container train operators to Indian Railways for using its rail network and infrastructure.
Concor, an offshoot of Indian Railways, operates about 60 inland terminals across the country. The company’s net profit in fiscal year 2012-13, which ended March 31, was $167.5 million, a 7.5 percent increase over the previous year.