Essar Ports quarter net profit doubles

October 16, 2012 | Business | Written by

New Delhi, Oct 16: Essar Ports, a unit of Essar Group, Tuesday posted a 97 percent increase in profit at Rs.80.53 crore for the quarter ended Sep 30 against Rs.40.84 crore during the corresponding period in the previous financial year.

The revenue for the quarter under review increased to Rs.348.29 crore from Rs.279.14 during the year-ago period, the company said in a statement.

During the quarter, the firm saw a 31 percent increase in the total volumes handled to 12.70 MMT from 9.73 MMT in the year-ago period.

Essar Ports has a current capacity of 88 MMTPA.

“We are on track towards completing our projects as per our plans. We are happy with the continued growth across all fronts, be it cargo handled, revenue and profitability,” Rajiv Agarwal, managing director, Essar Ports, said.

IANS