Adani Group-controlled APSEZ reported a 20 percent rise in net profit to US$204.76 million for the fiscal 2011-12 reported The Economic Times.
    APSEZ’s total income rose by 58 percent to $618.74 million for the year ended March 31, 2012 compared to $392.06 million in the previous year.
    APSEZ's flagship Mundra Port handled 64.01 million tonnes of cargo during 2011-12 registering an increase of 24 percent.
    APSEZ is claiming to have emerged as the fourth largest port in India, up from seventh position. Its consolidated cargo movement stood at 77.75 million tonnes. Soon, it is aiming to surpass the country's largest post Kandla in terms of volumes.
    On the container side, the company has outperformed other container ports by registering a 24 percent growth compared to three percent growth at other container terminals. Adani Ports' market share has risen to 16.4 percent, up by 2.4 percent.
    Commenting on the results, APSEZ chairman Gautam Adani said, "The robust performance of our ports business is a testimony of our expertise in creating world class infrastructure and helping us becoming a global force. Based on our performance, I have no hesitation in saying that Adani ports will soon become India's number one commercial port."
    APSEZ owns and operates three ports – Mundra and Dahej in India and Abbot Point in Australia. It is also developing ports at Hazira, Mormugao, Visakhapatnam and Kandla in India and Dudgeon Point in Australia.
    Meanwhile, APSEZ successfully raised $1.25 billion in a non-recourse funding from a group of Australian and Asian lenders. It also raised $800 million funding at the holding company to help refinance a $2 billion acquisition loan.

(source:cargonews Asia)