Essar Ports post double-digit profit growth

  • Q1 FY2014 net profit, revenues & cargo throughput up 48%, 22% & 11% respectively

  • Indian operator wins tender for Visakhapatnam iron ore berths

Essar Ports has announced large increases in cargo throughput, revenues and profit during the first quarter of the financial year.

The port operating arm of India’s Essar Group saw its net profit for Q1 FY2014 jump 48 percent to Rs101.4 crore, when compared to the Rs68.5 crore posted in Q1 FY13, while revenues soared 22 percent year-over-year to Rs403.7 crore.

Cargo throughput during the quarter grew 11 percent to 14.08 million tonnes against the 12.65 million tonnes moved the previous year.

Essar Ports has also announced that it has been named as the successful bidder for the development and operation of three iron ore berths with a combined capacity of 23 MMTPA at Visakhapatnam Port for 30 years.

“Our performance has been exceeding the expectations for the past two years and we are confident of delivering good results in the coming quarters,” said Essar Ports’ managing director, Rajiv Agarwal.

The company has also reconstituted its board of directors by adding three industry stalwarts, Michael Pinto, Dr. Jose Paul, and Dr. N C Singhal as independent directors.

“We have further strengthened our Board with professionals, who will help bring about stronger corporate governance, and guide us in the company's growth,” added Agarwal.

Essar Ports, one of the largest port companies in India, is responsible for the management and operation of terminals in Hazira, Vadinar and Paradip.

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