GPPL reported strong container volumes, up 19% y-o-y, on the back of two new services/upsizing of existing services. GPPL reported record revenue of R170 crore on higher volume growth and record blended realisation on product mix. GPPL received dividend of R19.2 crore from PRCL, up from R3.8 crore in CY13. Adjusted for the one-time operating costs, net profit increased to R92 crore.
Despite higher operating costs due to revision of trailer hire contract, GPPL reported strong ebitda margins. Adjusted for one-time operating costs, the company reported record ebitda margins of 57.9% on favourable cargo mix. Adjusted ebitda stood at R0.99 billion.
Bulk volume grew 2.7% y-o-y on account of higher coal and fertiliser volumes.
By JM Financial