Blue Dart Express (526612) Q4 98/99 earnings summary

Executive summary

• FY99 turnaround: revenue Rs 1,760,219 thousand and net profit Rs 60,032 thousand, versus a prior-year net loss of Rs 42,375 thousand.

• Profit before interest and depreciation rose to Rs 191,165 thousand from Rs 80,483 thousand; domestic market share reached 36%.

Financial highlights

• Revenue increased to Rs 1,760,219 thousand from Rs 1,709,204 thousand; operating expenses fell to Rs 1,569,054 thousand from Rs 1,628,721 thousand.

• Profit before tax was Rs 70,105 thousand, versus a prior-year loss of Rs 42,375 thousand; prior-year results included Rs 17,873 thousand of restructuring costs.

• Net profit was Rs 60,032 thousand after tax provisions of Rs 10,073 thousand; prior-year net loss was Rs 42,375 thousand.

• Operating cash flow was Rs 92,268 thousand; investing cash outflow was Rs 236,628 thousand and financing cash outflow was Rs 186,290 thousand.

Outlook and guidance

• Superhub near Sahar Airport was expected to begin full commercial operations in Q2 FY2000; anticipated benefits include lower facility and operating costs and higher handling capacity.

• Preparing Internet e-commerce support systems and business logistics designs over the next 15 months; cost rationalisation positioned operations to pursue express-industry growth.