Nov.6--BOMBAY stock exchange-listed Transported Corporation of India (TCI) has posted a Q2 net income of US$3.6 million, an increase of 9 per cent over the same period last year despite flat revenue.
In a company filing with the stock exchange, the company said the rise in net profit was aided by tight cost controls and growing express cargo demand driven by e-commerce growth in the country, IHS Media reported.
The trucking and logistics giant booked revenue of $86.5 million during July-September, compared with $86.6 million in the same period last year.
TCI's operating profit for the second quarter was up 10 per cent from a year earlier to $4.6 million from $4.2 million.
The company's quarterly income from its core freight division was up 2 per cent to $32 million from $31.5 million a year earlier. Income from supply chain solutions activity was also up 2 per cent to $24.5 million from $24 million during July-September 2014.
The earnings release shows TCI's operating costs in the second quarter fell 3 per cent from a year earlier to $67.3 million.
In the first half of the year, net profit rose 12.6 per cent to $6.5 million from $5.7 million, on revenue that grew 2.9 percent from a year earlier.
"We attribute this half year's performance to our constant focus on changing our product mix towards high value added businesses. We have seen significant traction in demand for our services in the fast growing sectors like air cargo, less-than-truck-load, warehousing and e-commerce," said managing director Vineet Agarwal in a written statement.
Gurgaon-based TCI currently has a fleet of more than 9,000 trucks, four cargo ships for coastal operations and roughly 10.5 million square feet of warehouse space at various locations in the country.
(Source:shippingazette)