Express distribution and logistics services company Gati Limited has posted a net profit of Rs 5.67 crore for the quarter ended March 31, 2013 as against a loss of Rs 3.55 crore for the corresponding quarter last year.
The March quarter is Company’s third quarter of the financial year that ends in June.
The Hyderabad-based company registered consolidated income of Rs 314.55 crore for the March quarter as against Rs 250.55 crore for the corresponding quarter last year.
For the nine months ended March 31, 2013, the company had a modest profit of Rs 2.94 crore (Rs 1.99 crore) on a turnover of Rs 939.73 crore (Rs 892.37 crore).
For the last financial year ended June 30, 2012, the Company had closed with a net profit of Rs 41.46 crore and a total income of Rs 1180.18 crore.
GATI SHIP
Gati Ship has recently signed a Memorandum of Understanding with a with International Shipping and Logistics FZE, Dubai, a wholly-owned subsidiary of TM International Logistics Limited (a Tata Steel subsidiary).
Together it will be launching a joint container service operating from Gujarat to Kerala. The service is slated for launch by the end of the month.
DIVESTMENT
The Company has divested a minority stake of 40 per cent in Gati Ship to a strategic partner. The move is seen to help drive profitability.
Providing highlights of the quarter gone by, the Company said it moved a step further in its effort to consolidate its business as approved by the Andhra Pradesh High Court. The amalgamation will help Gati and its shareholders, the company stated.
The company shares were trading at Rs 31.05, up 1 per cent at BSE.