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Pipavav port Q3 port net profit rises sharply

November 6: AP Moller-Maersk Group company Gujarat Pipavav Port's (APM Terminals Pipavav) net profit jumped almost five-fold in the quarter ended September 2013 (Q3, 2013) to Rs 44.09 crore, compared to Rs 8.17 crore in the corresponding period last year (Q3,2012), according to a company release.

Commenting on the quarterly results, APM Terminals Pipavav Managing Director Prakash Tulsiani said, "Our new double stack high cube container offering has helped in better capacity utilization at the port. We continue to see volume growth despite the challenging business environment."

For the quarter ended June, (Q2, 2013), net profit of the port stood at Rs 35.24 crore.

Net sales of the company stood at Rs 117.98 crore in Q3, 2013, compared to Rs 86.47 crore in the corresponding period last year.

The release said that the bulk trade cargo increased 31% in the Q3, 2013 at 0.99 million tons (mt) compared to the previous quarter (Q2, 2013).