JOC Staff | May 25, 2012 8:43AM EDT
Container Corporation of India’s net profit stayed almost flat year-over-year at $160 million in fiscal 2011-12 ended March 31 as the state-owned intermodal logistics provider was hit by rising operating costs.
Total revenue for the year increased 6 percent to $739 million from $698 million the previous year, the company said in an earnings statement.
Income from the core international freight hauling operations grew 9 percent to $594 million from $545 million. Income from the domestic intermodal segment fell 5 percent to $145 million from $153 million a year earlier.
The company’s operating expenses for the full fiscal year totaled $582 million, up 8 percent from $541 million in 2010-11. Rail-haulage costs surged 6 percent year-over-year to $422 million, accounting for almost 60 percent of total sales.
Concor’s net profit for the last quarter fell 9 percent to $41.3 million from $45 million a year earlier. Income from January through March increased 7 percent to $195 million from $183 million.
The company, an offshoot of Indian Railways, is the largest intermodal logistics provider in the country with a network of about 60 inland container terminals.