Logistics company Arshiya International’s consolidated fourth quarter net profitrose just 5% year-on-year to Rs 19.40 crore, as higher interest expense and charges for premature repayment of loans reversed gains from higher sales.
The company’s consolidated net sales for the three-month period were up 39% from a year ago to Rs 234.36 crore, Arshiya International said in a notice to stock exchanges.
It had charges of Rs 21.67 crore in the fourth quarter due to premature repayment of loans. Arshiya International’s interest expenses also soared four-fold to Rs 22.75 crore in the quarter.
Its profit from operations before other income, interest and exceptional items was up 89.4% year-on-year to about Rs 47.30 crore.
The company said construction of the first warehouse at its free trade and warehouse zone (FTWZ) at Khurja near New Delhi was progressing as per schedule. It has received huge response since it began operations at the FTWZ at Panvel near Mumbai in November, Arshiya International said.
The company has invested a total of Rs 1,781 crore in its projects, including its FTWZs and private railway siding at Khurja.
Source: www.moneycontrol.com
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