Container Corporation of India (CONCOR) Q4 97/98 earnings summary

Executive summary

• FY1997-98 earnings were Rs 6,269,281 thousand; profit before tax was Rs 1,783,255 thousand and profit after tax was Rs 1,150,578 thousand, versus Rs 952,588 thousand in FY1996-97.

• Operating expansion included new inland container depots, bonded warehouses and a new Domestic Division focused on domestic traffic and terminal development.

Financial highlights

• Terminal and other service charges were Rs 6,015,602 thousand and wharfage was Rs 44,995 thousand; interest income was Rs 187,011 thousand.

• Profit before depreciation was Rs 1,898,691 thousand; depreciation was Rs 115,436 thousand and profit after depreciation was Rs 1,783,255 thousand.

• Net profit after tax was Rs 1,150,578 thousand, compared with Rs 952,588 thousand in FY1996-97; proposed dividend was Rs 129,983 thousand.

Outlook and guidance

• Hyderabad ICD construction was complete and awaiting commissioning; Aurangabad was nearing readiness, while Dadri land acquisition and Tughlakabad capacity expansion were underway.

• Further ICDs were cleared for Madurai, Jaipur and Cossipore; two additional bonded warehouses were under construction at Whitefield and TNPM.

• Procurement of 1,725 high-speed container flat wagons was behind schedule; the first 45-wagon rake entered trials in April 1998, and bids for a further 1,500 wagons were under consideration.