Global economy headwinds meant that much of the world dependent on world trade, especially sea trade, have got affected
Gateway Distriparks, which is into general and bonded warehousing, handling and clearing of sea borne EXIM cargo in containerized form, has reported over 13% year-on-year drop in net income for the December 2012 quarter to Rs47.92 crore, from Rs55.26 crore in the year-ago period. This was due to challenging global economy and decrease in intensity of world trade.
However, net profit suffered the brunt of the poor topline, as it fell from Rs20.70 crore recorded in the December 2011 quarter to Rs13.03 crore for the third quarter of the FY13 fiscal. This represents a drastic 37% fall in net profit. Net profit fell due to higher taxes, financing cost.
Total expenditure crept up little over 10%, from Rs27.84 crore to Rs30.78 crore, for the three quarters ended December 2012.
Gateway Distriparks’ wholly-owned subsidiary, Gateway Distriparks (South) Pvt Ltd (GDSPL), has acquired 100% of the paid up equity share capital, worth Rs17.50 crore of Chandra CFS And Terminal Operators Pvt Ltd (Chandra CFS), an unlisted private limited company, for a net cash consideration of Rs26.50 crore. Chandra CFS has been operating a Container Freight Station (CFS) at Nallur Village, Chennai for about five years, constructed on a 10.5-acre free-hold land with warehouses and container handling equipments.
Gateway Distriparks has informed stock exchange that the board of directors of the company had approved the scheme of amalgamation for merger of Gateway Distriparks (South) with the Company with effect from 1 April 2013. Pursuant to the scheme coming into effect, the shares of Gateway Distriparks (South) will stand cancelled and the entire undertaking shall stand transferred to the Company.
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