Allcargo Logistics Ltd., India’s leading international freight forwarder and port-based logistics provider, said its consolidated net profit in the second fiscal quarter, which ended Sept. 30, was $6.7 million, falling 28 percent from $9.4 million in the same period of fiscal year 2012-13.
Quarterly revenue increased 6 percent year-over-year to $170.4 million.
Operating income from the multimodal transport division rose 8 percent from a year earlier to $142.8 million. Income from the container freight station segment surged 10 percent to $13 million.
For the first half of fiscal year 2013-14, Allcargo’s net income was $12.8 million, plunging 31 percent year-over-year. Total revenue from April through September was $326.3 million, up 3 percent from $316.2 million a year earlier.
Allcargo, through its wholly owned subsidiary Ecu Line, recently took total ownership of Miami-based non-vessel-owning common carrier and ocean freight consolidator Econocaribe Consolidators, with the aim of expanding its capabilities especially in North America. “This acquisition enables Ecu Line to complete its service offerings, both in terms of global capabilities and coverage,” the company said.
Mumbai-based Allcargo operates container freight stations at the ports of Jawaharlal Nehru (Nhava Sheva), Chennai and Mundra, with an estimated combined capacity of 485,000 20-foot-equivalent units a year. In addition, the company hasinland container depots at Indore, Kheda, Pithampur and Dadri.