New Delhi, Jun 20 (UNI) Integrated multi-modal logistics company Sical Logistics Ltd today said its net profit has increased 11 per cent to Rs 50.2 crore for the year ended March 2008 as against Rs 45.04 crore the previous fiscal.
However, the company's net sales dipped to Rs 710 crore during FY08 as compared to Rs 1,050 crore during FY07 on account of the demerger of non-logistics business.
Consolidated net sales of Sical's core logistics business was Rs 680 crore, up from Rs 670 crore a year ago, the company said in a statement.
''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,'' company Chairman Ashwin Muthiah said.
''Our infrastructure projects are progressing smoothly. Over the next two years, most of the special purpose vehicles (SPVs) will commence operations and we envision robust growth and enhanced profitability for the group in the long term,'' he added.
The company sold its non-core businesses in FY08, namely the manufacturing facilities and assets of the auto components, refractory, specialty chemicals and flexible shaft divisions.
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