Aegis Logistics (AEGISLOG) Q4 98/99 earnings summary

Executive summary

• FY1999 operating revenue was Rs 65.16 crore and profit after tax was Rs 2.20 crore; results are not comparable with FY1998 following the petrochemicals unit transfer.

• Chemical storage and oleochemicals improved, while petrochemicals moved to a joint venture amid a weak global market.

Financial highlights

• Gross turnover was Rs 66.55 crore versus Rs 106.31 crore in FY1998; the transfer of the petrochemicals unit limits comparability.

• Profit before tax was Rs 4.32 crore; profit after tax was Rs 2.20 crore, compared with Rs 0.63 crore in FY1998.

• Operating revenue comprised Rs 26.35 crore of sales, Rs 38.51 crore of service revenue and Rs 0.30 crore of export benefits.

Outlook and guidance

• Storage volumes expected to grow with planned petrochemical-complex expansions and new liquid-fuel power plants; capacity expansion was under consideration.

• Higher LPG-terminal management fees were anticipated as industrial LPG demand in Maharashtra increased; fatty-alcohol quality and cost reduction remained priorities.

• Y2K compliance was expected for all hardware and software by end-August 1999; estimated modification cost was Rs 15 lakh.