Online edition of India's National Newspaper
Saturday, Jun 24, 2006
Online edition of India's National Newspaper Saturday, Jun 24, 2006 |
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Special Correspondent
CHENNAI: Having undergone a major metamorphosis to become a pure-play integrated logistics services provider, Sical Logistics Ltd. [formerly South India Corporation (Agencies) Ltd.] has re-drawn its focus to scale up its operations in the unfolding scenario. Sical Logistics will now train its eyes on providing product solutions and move away from the project-and service-centric approach. Stating this at a press conference here on Friday, Ashwin Muthiah, Vice-Chairman, said Sical Logistics had considerable knowledge in commodities like coal, iron ore, fertilizer and cement. It would now focus its efforts on spotting clients, understanding their logistics' requirements and supporting them by providing end-to-end product solutions, he added. With this in view, the company was augmenting its workforce. Sical reported a net profit, after prior period items, of Rs. 53.69 crore for the year ended March 2006, up by 73 per cent over the previous year. Net sales and income from operations, however, had declined to Rs. 960.38 crore from Rs. 1,214.83 crore in the previous year. Mr. Muthiah attributed the rise in profit despite a fall in sales to financial and operational revamp and improvement in operational efficiencies. Mr. Muthia said Sical Logistics would take to the alliance route through floatation of special purpose vehicles to strengthen its presence in the field. The company would need around $25-30 million during the current year to fund its ongoing projects. This would largely come from internal resources. The company was also hopeful of realising around Rs. 50-60 crore through the sale of non-core businesses. He expected the disinvestments to start from October. Sical, it may be recalled, had recently raised $75 million in foreign currency convertible bonds (FCCB).
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