Sical Logistics' consolidated net profit up 11 pc
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