Gateway Distriparks net profit down by 35.9%

MUMBAI: Gateway Distriparks Friday said its net profit for July-Septemember was Rs 30.6 crore down by 35.9 % on year.

The company said its cash and equivalents at the end of the quarter were at Rs 191 crore as compared to Rs 155 crore at the beginning of the financial year. The net worth of the group increased to Rs 1,271 crore from Rs 1,219 crore.

The group's consolidated volumes and net profit have declined from the last quarter due to a combination of macro level factors and disruption of Indian railways tracks due to cyclones near Pipavav Port and Mundra Port, along with the subsequent congestion on the JNPT route, it said in a statement. However, costs have been controlled due to better utilization of assets.

"Export volumes have shrunk by more than 20% compared to last year due to weakness in global trade and other currencies being more competitive," said its chairman and managing director Prem Kishan Gupta.