Allcargo Logistics posted a 7% increase in net profit – Economic Times

MUMBAI: Allcargo Logistics posted a 7% increase in net profit as a cut in some expense heads offset a decline in revenue owing to lower freight rates and business reshuffles.

The company posted a consolidated net profit of Rs 64 crore in July-September 2016, compared to Rs 60 crore a year earlier.

Revenue fell 3% to Rs 1,410 crore due to a fall in freight rates. Also, the consolidated statement of Q2 FY17 didn’t include the financials of Hindustan Cargo, air freight/freight forwarding and contract logistics all of which were transferred to the new JV formed after Allcargo bought a majority stake in CCI Logistics.

But Allcargo’s operating expenses fell to Rs 958 crore from Rs 997 crore. Its depreciation and amortisation expenses fell to Rs 43 crore compared to Rs 55 crore a year earlier.

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