APM Terminals Pipavav Q2 net falls 23% to Rs 52 crore

APM Terminals Pipavav (Gujarat Pipavav Port Ltd) on November 12 reported a 23 percent fall in net profit at Rs52 crore for the quarter ended September. The company had posted a consolidated net profit of Rs 67.10 crore in Q2 FY20, the port operator said in a release.

Sales during the quarter under review dropped 8 percent to Rs 182.70 crore as compared to Rs 199.20 crore in the July-September period of the previous fiscal, it said.

The company's board during the quarter approved an investment of Rs 700 crore for its expansion plan, it said, adding the funds will be utilised for upgrading the port's existing facility to handle bigger ships and eventually expand the container capacity to 1.6 million TEUs.

The port recently commenced Integrated Container Tracking system under the Logistics Data Bank project (LDB) of the National Industrial Corridor Development Corporation (NICDC).