Container Corporation of India (CONCOR) Q4 98/99 earnings summary

Executive summary

• FY1998-99 turnover was Rs 68,477.28 lakh versus Rs 60,625.41 lakh; operating profit reached Rs 18,867.50 lakh versus Rs 16,919.51 lakh.

• Net profit was Rs 14,065.17 lakh; total container throughput rose over 11% to 801,946 TEUs, with international traffic growth outpacing the wider port market.

Financial highlights

• Profit before tax was Rs 20,798.80 lakh versus Rs 17,832.55 lakh; profit after tax was Rs 14,065.17 lakh versus Rs 11,580.31 lakh.

• Total income was Rs 7,163,596 thousand versus Rs 6,285,512 thousand; terminal and other service charges were Rs 6,793,533 thousand.

• Depreciation was Rs 1,227.38 lakh; current-year income-tax provision was Rs 6,651.04 lakh, with Rs 0.91 lakh wealth-tax provision.

• Proposed final dividend was 45% of paid-up capital, following a 20% interim dividend; payout including dividend tax exceeded 20% of post-tax net profit.

Outlook and guidance

• Additional high-speed flat-wagon rakes were planned for the Tughlakabad-JN Port route and other corridors; tranche II deliveries were expected from September 1999.

• Tranche III tendering covered 600 container flats; the World Bank project extension ran through December 2000.

• Y2K hardware and software upgrades and contingency planning were underway; Rs 3.26 crore was budgeted for IT development and upgrades, including Y2K work.

• New terminals and warehouse expansions were planned or in progress across several locations, including Cossipore Road, Balasore, Vadodara, Kanpur, Miraj and Salem Market.