MPSEZ Ltd’s posts 20% rise in Q1 profit

MPSEZ Ltd’s posts 20% rise in Q1 profit

Ahmedabad: Mundra Port and Special Economic Zone Ltd (MPSEZ), the port and shipping arm of Ahmedabad-based Adani Enterprises Ltd, on Thursday posted a rise of 20% in its profit for the quarter ended 30 June 30, 2011.

The firm’s profit in the quarter stood at 254 crore against 211 crore in the same period previous year.

MPSEZ is the country’s largest multi-port operator in the private sector in terms of cargo handling.

In the quarter, the firm’s revenues stood at 530 crore, up 27% from 416 crore in the same period last year, the firm said in a statement.

“During the quarter, Mundra Port handled 15.08 million metric tonne cargo (as against 12.62 MMT in the same period last year), which was the highest ever, cargo handled in a quarter by the firm. While all major ports in the country registered 5% growth in the first quarter (of financial year 2011-12), Mundra Port registered a 20% rise in cargo handling during this period. Cargo handling grew mainly due to higher bulk and container business," said B. Ravi, chief financial officer of MPSEZ.

The container business for the quarter registered a 23% growth as compared to corresponding quarter last year, he said.

During the quarter, MPSEZ’s share in “ total cargo handling rose to 9.3% from 8.3 % in the same period last year", the firm said.

The expansions at Mundra as well new port development at Hazira, Goa and Vizag are on schedule which will add additional cargo handling capacity of around 115 million tonnes taking the total capacity to about 300 million tonnes by 2013 including Abbot Point, the firm said.