A screen grab of Allcargo Logistics website.
A screen grab of Allcargo Logistics website.

Allcargo Logistics net profit up 58% in Dec quarter

Sales rose by 56% at Rs1,516.4 crore for the reporting quarter against Rs972.7 crore for the quarter ended 31 December 2012

Mumbai: Port-based transportation company Allcargo Logistics Ltd. reported a 58% growth in net profit at Rs57 crore for the quarter ended 31 December 2013 against Rs36 crore for the corresponding quarter of the previous year riding back on increased revenue from its overseas subsidiaries. Sales rose by 56% at Rs1,516.4 crore for the reporting quarter against Rs972.7 crore for the quarter ended 31 December 2012.

The company on Saturday said the growth in sales is mainly on account of increase in volumes and revenues in the MTO (multi-modal transport operations) business that include the two acquisitions. Around 87% of the revenue is from the global MTO business.

In September, Allcargo Logistics acquired US-based logistics company Econocaribe Consolidators Inc. for close to $50 million. Econocaribe, set up in 1968, is the third-largest non-vessel operating common carrier in the US. Such companies do not own ships but own slots or space in shipping companies to ship cargo. It has nine offices in the US and 22 container freight terminals in the US and Canada.

In December, Allcargo Logistics acquired majority stake in FCL Marine Agencies Rotterdam, a Netherlands-based logistics company, through its step down subsidiary company Ecohold NV for an undisclosed amount.

Allcargo Logistics offers specialized logistics services across MTOs, container freight station operations and project and engineering solutions. Director (finance) at Allcargo Logistics, S. Suryanarayanan said besides container freight stations business all other verticals have posted growth along with global businesses.

“We are looking at consolidation of our businesses in next 12 months. We are not looking at any more acquisitions at this point of time," he added.

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