Concor Q3 net rises nearly 14 per cent to Rs228crore; declares 75 per cent dividend

Container Corporation of India Limited (Concor), a mini ratna public sector undertaking under the ministry of railways, has reported a 13.89 per cent increase in its net profit for the third quarter at Rs228.48 crore against Rs200.62 crore in the similar quarter of the previous financial year.

Concor board also announced an interim dividend of 75 per cent (Rs7.50 per share of face value Rs10) to its shareholders, amounting to Rs97.49 crore. This is the highest interim dividend announced by Concor so far.

Operating revenue during the third quarter (October-December 2010) rose 9.8 per cent year-on-year to Rs971.13 crore against Rs884.45 crore during the same period of the previous financial year. Operating income during the third quarter stood at Rs86.68 crore.

Other income during the quarter increased 25.47 per cent to Rs47.87 crore from Rs38.15 crore in the same quarter of the previous year.

With a total turnaround of business, which had gone through turbulent times during the past one and half years, Concor has demonstrated that rail-based logistics could be the mainstay of the logistic sector.

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