Aegis Logistics (AEGISLOG) Q4 00/01 earnings summary

Executive summary

• FY2000/01 was a strong year, with operating revenue up 96% to Rs. 102.27 crore, largely due to starting LPG marketing in August 2000; the revenue step-up is not expected to recur at the same scale.

• Profit before tax rose 34% to Rs. 7.12 crore and profit after tax rose 31% to Rs. 4.29 crore; EBITDA excluding non-cash charges was Rs. 13.31 crore.

Financial highlights

• Sales and other income was Rs. 104.31 crore versus Rs. 54.66 crore in FY1999/00; operating revenue was Rs. 102.27 crore versus Rs. 52.10 crore.

• PBT was Rs. 7.12 crore versus Rs. 5.31 crore; PAT was Rs. 4.29 crore versus Rs. 3.28 crore.

• Directors recommended a dividend of Rs. 0.70 per share, unchanged from the prior year; the proposed rate equates to 7%.

Outlook and guidance

• FY2001/02 earnings growth and improved financial solidity were expected, supported by added tank capacity and higher revenue per customer from value-added logistics services.

• The bulk of Project Millennium capacity was expected to come on stream in H2 FY2001/02, with completion targeted by March 2002.

• Capacity expansion and logistics-service development were expected to raise volumes and profits; a conservative debt-to-equity ratio was a stated financing objective.