Thursday, September 29, 2022

CONCOR posts net loss in Q2 ahead of disinvestment

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New Delhi: Government-run Container Corporation of India Ltd (CONCOR), which is slated for disinvestment this year, posted a consolidated net loss of Rs 332.71 crore in Q2 of financial year 2019-20. The public sector undertaking’s (PSU) performance has declined year-on-year as it had clocked a net profit of Rs 333.44 crore during the same quarter a year ago.

Total income of CONCOR drops marginally in Q2

The total income of CONCOR during Q2 of FY2019-20 dropped marginally to Rs 1,800.45 crore from Rs 1,897.92 crore in the year-ago period.
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In Q2, CONCOR’s total expenses stood at Rs 1,469.78 crores as compared to Rs 1,444.34 crores in the September quarter of the preceding fiscal year.

The backdrop

The quarterly results come as the Centre is looking to offload 30 percent stake in the state-run company. The company develops multimodal logistics support for India’s international and domestic containerisation and trade. In addition to providing inland transport by rail for containers, it has also expanded to cover management of ports, air cargo complexes and establishing cold-chain. Though rail is the mainstay of its transportation plan, CONCOR also provides road services to cater to the need of door-to-door services, whether in the international or domestic business.

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