Gati back in the black in fiscal year

Indian logistics company Gati swung to a consolidated fiscal year net profit from a loss the previous year as exceptional items were reduced to zero, Dow Jones Newswires reported.

The company, which counts its fiscal year from July 1 to June 30, posted a profit of US$2.03 million for the year ended June 30, from a loss of $4 million the previous year.

Total revenue rose 16 percent to $199.65 million from $172.39 million a year earlier. It didn't immediately provide consolidated figures for the April-June quarter.

Gati's profit was helped by the fact that it incurred no loss on exceptional items for the last fiscal year, compared with the loss from exceptional items of $3.6 million in the previous year. The company didn't elaborate.

The company will restructure its operations under two units named Gati Express Distibution and Gati RedSun Supply Chain and Cold Chain Solutions, chief executive Mahendra Agarwal said. He didn't give a timeframe for the restructuring.

He added that its shipping division would be de-merged into a separate unit called GatiShips.

Agarwal also said Gati would be open to acquisitions in the Asia-Pacific region.

Gati has international offices in Thailand, Singapore, China, Dubai, Hong Kong and Malaysia and will open its offices in two more countries this year, it said without elaborating.
(Source:www.cargonewsasia.com)