Gateway Distriparks Limited, (GDL), has reported net profit of Rs140mn in Q-1 of FY 11, compared to Rs166mn in Q-1 of FY 10. Throughput increased by 6.2% from 98,109 TEUs to 104,225 TEUs and gross income increased by 4% from Rs1.25bn to Rs1.30bn.
Segment-wise performance of the group (Q-1 FY 11 compared with Q-1 FY 10) :
CFS Business: Through put increased 2.6 % from 73,826 to 75,769 TEUs and gross income was flat at Rs477mn. However, net profit decreased 14% to Rs175mn compared to Rs204mn in Q-1 of FY 10.
Rail Business (Gateway Rail Freight Ltd – GRFL) : Through put was up 17.2% from 24,283 to 28,456 TEUs, while gross income increased by 2.9 % from Rs700mn to Rs720mn. EBITDA was flat at Rs84mn. After charging Rs58mn interest (Rs52mn in Q-1 FY 10) and Rs71mn (Q-1 FY 10 = Rs61mn) for depreciation and amortization, net loss was Rs43mn (Q-1 FY 10 = Rs37mn).
Cold Chain Business (Snowman Frozen Foods Ltd – SFFL) : Gross income was up 34 % to Rs105mn and EBITDA up 28.7% to Rs23.3mn. After charging Rs15.5mn for depreciation, amortization & minority interest, net profit was Rs78 Lakhs against a net loss of Rs8 Lakhs in Q-1 of FY 10.
Commenting on the results, Gopinath Pillai, Chairman, Gateway Distriparks Limited said “The fall in the profits of the group during this quarter has been mainly due to the accidental fire in our second CFS at Mumbai, which normally brings in a profit of over Rs 3 Crores per quarter and partly due to general market conditions. This situation is expected to improve significantly in the rest of the year”.