CONCOR records 13.89% rise in Net Profit

In a reflection of robust functioning of Indian Railway System, its Public Sector Undertaking namely Container Corporation of India Limited (CONCOR), a mini ratna undertaking, has come out with spectacular performance in the third quarter (Q3) ended 31st December, 2010 indicating a total turnaround of business.

The corporation recorded net profit of more than Rs. 228 crores in the third quarter (October 2010-December 2010) of the current financial year, registering a 13.89 per cent growth on Y to Y basis.

The Operating income during the third quarter was at approx. Rs. 971 crore, showing an increase of 9.8 per cent over the corresponding period last fiscal.

The other income during the third quarter was approx. Rs. 48 crore which was up by 25.47 per cent. Coming on the backdrop of continuing effect of global slowdown, the company has recorded very impressive gains. .

Buoyed by the increasing trend in revenues, CONCOR Board has announced an interim dividend of 75 per cent (Rs.7.50 per share of face value Rs.10) to its shareholders for 2010-11, amounting to approx. Rs. 97.5 crore which is the highest interim dividend announced so far. .

The rail container operator has demonstrated once again that rail based logistics could be the mainstay of the logistic sector, which would propel the country towards greater industrial growth. .

CONCOR is also planning to invest in logistics parks to effectively exploit recent Indian Railway policy announcement granting entry to private operators in bulk movement and bulk handling. .

Earlier this month, CONCOR paid a dividend of Rs. 114.65 crore for the year 2009-10 to the Railway Ministry.

Container Corporation of India Ltd. (CONCOR) was set up in November 1989 with the prime objective of developing multi-modal transport and logistics support for India?s domestic and international containerized cargo and trade.