Concor Q1 profit down 3.5 percent

Net profit for state-owned Container Corporation of India fell 3.5 percent from a year earlier to $41.2 million in the first quarter of fiscal 2010-11 ending June 30.
Income from operations for the April-June quarter rose a mere 1 percent to $195 million from $193 million in the year-ago period, the company said in a statement on Tuesday.
Concor officials said net profit declined primarily because of lower revenue from export-import traffic movements, coupled with a marginal increase in operating expenses. Revenue from the domestic segment grew 7 percent compared with a year earlier.
Concor is the largest intermodal logistics provider in the country, with a network of nearly 60 inland depots. It earlier reported net profit for fiscal 2009-10 ended March 31 slipped 2 percent to $177 million from $180 million the previous year. Revenue for the year increased to $877 million from $824 million.
In recent months, the company has deployed additional trains on the route from the Port of Nhava Sheva (Jawaharlal Nehru) to New Delhi to clear a jam of northbound inland containers at the country’s largest box gateway.