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Chennai, 23 June 2006: Sical Logistics Ltd today announced that audited net profit after prior period items for the financial year to 31 March 2006 was Rs 536.9 million, up 73% from Rs 311.3 million in the same period a year ago. Net Profit before prior period items was Rs.651.0 million against Rs 309.9 million a year ago.
FY06 net sales were Rs 9.60 billion against Rs 12.14 billion a year ago.
EPS for the year was Rs 19.14, up 89% over FY05 EPS of Rs 10.15.
EBIDTA of Sical’s core logistics business was Rs 965.25 million, contributing 81% of the company’s total segment-wise EBIDTA of Rs 1.19 billion.
Ashwin Muthiah, Vice Chairman, Sical Logistics, said that the considerable rise in profits and profitability, even as sales fell, was mainly because of, one, success on fronts relating to financial and operational restructuring, and, two, an improvement in operational efficiencies.
“FY06 was a watershed of sorts for Sical, a year of clear thinking and bold decisions. We hived off our non-logistics businesses into another entity; chose a new name and new identity to align with our focus on pure play integrated logistics services; and restructured our financials,” he said.
“Our recent initiatives relating to investments in pan-India container train operations, the container train terminal at the proposed Nagpur Hub Airport, and expansion of Sical’s trucking fleet are a result of the decisions made in FY06,” Mr Muthiah added.
DISCUSSION OF SOME OTHER KEY FINANCIALS
EXPENDITURE
- Cost of services during FY06 was Rs 5.07 billion, down 36% Rs 2.20 billion a year ago.
INTEREST was Rs 265.3 million, down 39% from Rs 435.7 million a year ago because of restructuring of closure of certain debts.
PROVISION for deferred tax was Rs 105.6 million, up 91.3% from Rs 55.2 a year ago, and for tax relating to previous years Rs113.7 million against Rs 1.4 million in FY05.
IMPORTANT DEVELOPMENTS IN FY06 AND RECENTLY
- The company announced its decision to hive off non-core businesses to a separate entity; the company’s name has since been changed from South India Corporation (Agencies) Ltd to Sical Logistics Ltd.
- Sical raised USD 75 million in FCCBs
- The Sical-led consortium was given a letter of intent by the Maharashtra Airport Development Company to set up a rail terminal as part of the proposed Multi-modal International Hub Airport at Nagpur in central India.
- The company announced it will increase its house fleet of 320 trucks by another 300 trucks in FY07 on increased business from major customers, namely, Caltex, Tamil Nadu Petrochemicals, Pepsi India, and Shell India.
- New contracts for increased coal handling through Tuticorin port The client list for handling of coal in Chennai Port and fertilizers in Mumbai port has been expanded this year.
- Several awards for port handling activities in Chennai, Tuticorin and Ennore ports on volumes handled and higher rates of discharge of cargo.
ABOUT SICAL
Sical Logistics Ltd is India’s leading provider of integrated multi-modal logistics for bulk and containerized cargo-port terminals; port handling; trucking and warehousing; ship agency; container freight stations; customs agency; and offshore supply logistics. Sical's delivery network includes an exclusive walk-in berth at Chennai for ships carrying bulk cargo; 1.9 million square meters of storage across 104 warehouses; owned and regularly contracted fleet of over 2400 transport vehicles, and container freight stations at 4 locations across India.
Contact
Anuradha Altekar, Ubiquus, +91.9870100642, anuradha@ubiquus.biz
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