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Adani Ports and Mundra zone pre-tax profit up 19pc to US$1 billion plus
ADANI Ports and Special Economic Zone (APSEZ), India's biggest private port developer, released incomplete annual financial results, revealing its pretax profit for the year ending March 31 was up 19 per cent to surpass US$1 billion.
Consolidated cargo volumes across all ports handled by the company amounted to 152 million tonnes, a year-on-year increase of five per cent, reported Dubai's Maritime Standard.
This included 3.35 million TEU, up 17 per cent from 2.87 million TEU the previous year.
"With an expanded footprint at 10 locations along the Indian coast, we aim to continue to drive growth within our ports business, as well as look to the further development of industrial clusters and full-service logistics, with the ultimate goal of building a fully integrated logistics player of significant scale," said Adani Group chairman Gautam Adani.
The company expects cargo volumes are likely to see 10 per cent to 15 per cent growth in 2016-17 and a corresponding increase in profit after tax.
"With our expansion in capacity, we are well-positioned to capitalise on the growth in domestic imports, exports and the increased need for logistics infrastructure in India," said CEO Karan Adani.
Key developments include Adani taking over operations at the port of Kattupalli, where it increased monthly volume 45 per cent to 11,500 TEU in four months and the entry into service of CT4, a joint venture with CMA CGM, expected to bring in more container volumes at Mundra.
Consolidated cargo volumes across all ports handled by the company amounted to 152 million tonnes, a year-on-year increase of five per cent, reported Dubai's Maritime Standard.
This included 3.35 million TEU, up 17 per cent from 2.87 million TEU the previous year.
"With an expanded footprint at 10 locations along the Indian coast, we aim to continue to drive growth within our ports business, as well as look to the further development of industrial clusters and full-service logistics, with the ultimate goal of building a fully integrated logistics player of significant scale," said Adani Group chairman Gautam Adani.
The company expects cargo volumes are likely to see 10 per cent to 15 per cent growth in 2016-17 and a corresponding increase in profit after tax.
"With our expansion in capacity, we are well-positioned to capitalise on the growth in domestic imports, exports and the increased need for logistics infrastructure in India," said CEO Karan Adani.
Key developments include Adani taking over operations at the port of Kattupalli, where it increased monthly volume 45 per cent to 11,500 TEU in four months and the entry into service of CT4, a joint venture with CMA CGM, expected to bring in more container volumes at Mundra.
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