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Sical Q2 net profit Rs 61.2 mln; down 64% on year
Posted On : 2006-10-26 13:03:20( TIMEZONE : IST )
Chennai 25 October 2006: Sical Logistics Lid, India’s leading provider of integrated multi-modal bulk logistics for bulk and containerized cargo, today announced that its unaudited net profit for the second quarter-year ended 30 september 2005 was Rs 61.2 million, down 64% from Rs.170.4 million in the same period a year ago.
Unaudited Q2 sales were Rs.2.45 billion, up 5% from Rs.2.34 billion a year ago, while Q2 profit before interest, depreciation, and taxes (PBIDT) was Rs 223.1 million, down 36% from Rs 349.6 million a year ago.
The fall in Q2 earnings and slow revenue growth sas primarily on account of:
1. Nearly Rs.15 million in Q2 at Sical’s exclusive ship berthing facility (JTZ-5) at Chennal port on competitive pressure from deepend drafts at the Cheznai port.
2. Nearly Rs.40 million loss in Q2 from Sical’s coal handling contract with the Tamil Nadu State Electricity Board (TNEB) as volumes and unit realizations dipped on TNEB’s inability to source higher capacity vessels and TNEB’s reduced dependence on coal for power generation because of increased hydel power generation.
3. Reduced volumes and margins in the trucking division owing to issues related to government guidelines on overloading and pricing pressure mainly from the unorganized trucking providers.
4. Higher costs in Sical’s non-core business of building materials; purchase of traded goods in Q2 rose by Rs.157.7 million to Rs.742.0 million.
H1 net sales of Sical‘s logistics division, the company’s core business, was Rs.2.74 billion, down 10% from Rs.3.06 billion a year ago. H1 net sales of Sical’s non-core businesses, consisting of building materials, services, and manufacturing, was Rs.2.14 billion, up 30% from Rs.1.65 billion a year ago.
H1 profit before interest and tax (PBIT) of the logistics division was Rs.319.2 million, down 30% from Rs.456.7 million a year ago, while H1 PBIT of the non-logistics businesses was Rs.133.6 million, up 27% from Rs.105.6 million a year ago.
