Sical Logistics FY06-07 net Rs 450.4 million
Sical Logistics Ltd , India’s leading provider of integrated solutions for offshore logistics and multi-modal logistics for bulk and containerized cargo, today announced that the audited consolidated net profit, after prior period and exceptional items, for the year 31 March 2007 (FY 06-07) was Rs 450.4 million, from Rs 573.5 million a year ago. Net profit before prior period and exceptional items was Rs 341.4 million, from Rs 687.6 million a year ago.
Net sales for FY 06-07 was Rs 9.9 billion, up 6% from Rs 9.6 billion a year ago.
Consolidated net sales of Sical’s core logistics business was Rs 6.7 billion, up 6% from Rs 6.4 billion a year ago.
The prior period items relate to tax adjustments in FY05-06, while the exceptional items relate to the net impact of the disposal of the non-logistics businesses of oil palm, refractories, agri-bioproducts, real estate property, flexible shafts, and costs of restructuring.
Consolidated cash reserves, as of 31 March 2007, were Rs 2.67 billion; total debt stood at Rs 5.32 billion.
Comment by Sical Logistics Chairman, Mr. Ashwin Muthiah
Sical Chairman Ashwin Muthiah said that the results for FY06-07 should be seen in the context of the multi-dimensional change at Sical.
“The results are broadly as per our internal estimates. We have been saying that Sical’s strategy, put in place in FY05-06, of focusing exclusively on the core business of integrated multi-modal logistics, while being growth-oriented, would, given the sacrifices involved, cause some pain in the short and medium term,”, Mr. Ashwin Muthiah said.
“I would reiterate that Sical’s growth pangs are not yet over—we should expect earnings-related turbulence over the next four quarters,” Mr. Ashwin Muthiah added.
“That said, FY06-07 was a watershed year for Sical; we renewed our focus on our core business proposition of logistics by exiting some non-core activities, we got international strategic funds to invest in our vision, and have in place professional managers of the right caliber to take our vision forward,” said, Mr. Ashwin Muthiah.
“Our aim is to not only consolidate our leadership position in Indian multi-modal logistics, but also to seize the opportunities in value-added businesses such as global offshore logistics and third party (3PL) and fourth party (4PL) logistics,” Mr. Ashwin Muthiah elaborated.
Exit from Non Logistics businesses
Fund raising, preferential allotment
In April 2006, Sical raised USD 75 million (Rs 3.30 billion) in foreign currency convertible bonds (FCCB); the FCCBs are listed on the Singapore Exchange.
In April 2007, IDFC Private Equity, the largest private equity investor in India’s infrastructure and logistics sectors, invested USD 26 million (Rs 1.16 billion) for 14.82% stake in Sical via a preferential allotment of equity shares at Rs 222 per share.
Sical has initiated the preferential allotment of 2.05 million equity shares each to Credit Suisse Singapore and Macquarie Bank at Rs 250 per share.
Acquisition of Singapore-based Bergen Offshore, Sical Torino
· In September 2006, Sical announced its acquisition of Singapore-based Bergen Offshore Logistics Pte Ltd , a provider of specialized logistics for offshore oil and gas exploration. The acquisition is a logical extension of Sical’s existing offshore logistics business which operates and manages offshore supply vessels for ONGC .
The USD 96.9 million acquisition was funded via USD 16.9 million from Sical’s FCCB offering in April 2006 and the remaining via a structured loan of USD 80 million from NIBC Bank, Singapore. This was to have a new build 470 Mk II PSV from Aker Yards in Molde, Norway as well as three heavy duty AHTs. Due to difficulty in transition of the contracts of the three AHTs, Sical decided to limit the acquisition to the new build PSV. While Sical funded its equity the borrowing was reduced to USD 25 million from NIBC Bank.
During the year, the following people joined Sical in key management positions:
In November 2006, CEO K. Sridhar joined Sical; his earlier experience includes FedEx, DHL, and ITW Signode.
In November 2006, Sical Distriparks CEO L.R. Sridhar joined Sical. Mr Sridhar has worked with TNT, Skypak, and Overnite Express.
PG Thyagarajan, MD, Sical Multimodal and Rail Transport Ltd , joined Sical in December 2006; Mr Thyagarajan, who has spent 18 years in Indian Railways, joined us from Container Corporation of India , where he was director of international operations.
· Ashwin Muthiah was appointed Chairman of Sical’s Board of Directors at an extra-ordinary general meeting in April 2007. He had been serving as Sical’s Vice Chairman.
Sourced From: Ogilvy Public Relations Worldwide
Container Corp stock price
On December 23, 2014, at 09:56 hrs Container Corporation of India was quoting at Rs 1332.55, up Rs 2.80, or 0.21 percent. The 52-week high of the share was Rs 1539.00 and the 52-week low was Rs 698.00.
The company's trailing 12-month (TTM) EPS was at Rs 48.69 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 27.37. The latest book value of the company is Rs 358.27 per share. At current value, the price-to-book value of the company is 3.72.
READ MORE ON Sical Logistics Ltd, offshore logistics, net profit, Net sales , Ashwin Muthiah, Sical Torino, Bergen Offshore Logistics Pte Ltd, ONGC, NIBC Bank, K. Sridhar , S. Bhaskar , Hindustan Lever, Marico, Shaw Wallace, Sical Distriparks , L.R. Sridhar , PG Thyagarajan, Sical Multimodal and Rail Transport Ltd, Container Corporation of India, TNT
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