Sical Logistics' consolidated net profit up 11 pc

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Chennai, Jun 18 (UNI) Sical Logistics Ltd, India's leading provider of integrated multi-model logistics solutions for bulk and containerised cargo and offshore logistics, today announced that the audited consolidated net profit, after prior period and exceptional items for the year 2007-08 was Rs 502 million, up 11 per cent against the previous year.

A company release here said the profit before prior period and exceptional items was Rs 426.3 million, up 36 per cent from Rs 313.6 million a year ago.

The net sales for the year 2007-08 was Rs 7.1 billion, from Rs 10.5 billion a year ago, due to the demerger of the non logistics business.

Consolidated net sales of Sical's core logistics business was Rs 6.8 billion, up 1.6 per cent from Rs 6.7 billion a year ago, it said.

The prior period items relate to tax adjustments in the year 2006-07, while the exceptional items relate to the net impact of the disposal of the non-logistics businesses like auto components unit, speciality chemicals, refractory unit and unrealised gain on restatement of foreign currency convertible bond loan and deposits.

Consolidated cash reserves, as on March 2008, were Rs 2.71 billion; total debt stood at Rs 6.85 billion, the release said.

Commenting on the result, Sical Chairman Ashwin Muthiah said, "we are pleased to report steady business growth for the year 2008. We successfully executed our strategy of focusing on our core logistics business with the demerger of the non-core business and the separation of the service and infrastructure business. This ensured dedicated management focus and helped us leverage the true potential of each business." UNI WS SJ 1610

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