Ennore Port earns Rs41.46 crore profit; pays first dividend of Rs4.15 crore
19 Sep 2009
The Ennore Port has reported a post-ax profit of Rs41.46 crore for the financial year ended 31 March 2009 and has proposed a dividend of 15 per cent on PAT of around Rs6.22 crore.
Ennore Port paid a dividend tax of Rs1.06 crore. The dividend cash flow, including dividend tax, stood at Rs7.28 crore. Of this, the Government of India's share is Rs4.15 crore and that of Chennai Port Trust Rs2.07 crore.
S Velumani, chairman and managing director of Ennore Port Ltd (EPL), presented a dividend cheque of Rs4.15 crore to union minister of shipping GKVasan at a function in Chennai.
The government has conferred `Mini Ratna Category 1' status on Ennore Port based on its impressive performance, which gives it enhanced functional and financial autonomy. The port has attracted investment to the tune of Rs1,200 crore on various terminals and harbour crafts from private entrepreneurs. It maintained a very low operating ratio at 25.80 per cent during 2008-09.
Construction of a separate terminal for export of cars is in progress under a memorandum of understanding (MoU) with Nissan Motors, which would enable Nissan to export 1,80,000 cars per year. Exports are expected to commence by August 2010. This project, which envisages construction of a berth, dredging of basin to 12 metres, parking yard of 1,75,000 sq metres, will cost Rs110 crore.
Besides, the port is developing a modern coal terminal and an iron ore terminal at a total investment of Rs880 crore. Ennore Port will be able to handle eight million tonnes of Non-TNEB coal and 12 million tonnes of iron ore with the completion of these two projects by August 2010.
Detailed project report (DPR) for construction of third coal berth is being prepared so as to enable EPL to handle 35 million tonnes of coal need for TNEB by 2013-14. The project is expected to cost Rs100 crore. The marine liquid terminal, constructed at a cost of Rs250 crore, is already operational since January 2009.
Rail connectivity project works to link coal and iron ore stackyards with Athipattu station on the Chennai-Vijayawada mainline are under implementation. It involves investment of Rs51.60 crore. The board of Ennore Port has already approved Phase II capital dredging to create necessary depths to handle cape size vessels and main line container vessels at a cost of Rs440 crore.