Kolkata Port profits up 29 percent, cargo handling down

June 12th, 2012 - 8:56 pm ICT by IANS  

Kolkata, June 12 (IANS) The Kolkata Port Trust (KoPT) Tuesday declared its net profit for the last fiscal at Rs.90 crore — a jump of 28.57 percent over the Rs.70 crore profit registered the previous year.

The port, however, handled less cargo in 2011-12 compared to 2010-11.

KoPT Chairman Manish Jain told media persons here that the port handled 43.245 million tonnes (MT) of cargo last fiscal compared to 47.545 MT in the previous fiscal.

“Cargo handling saw a shortfall in the last financial year mainly due to fall in liquid bulk as also in crude oil movement,” Jain said.

“In order to arrest traffic downfall, we are planning several development projects. This will see an investment of Rs.15,000 crore (Rs.150 billion) by the end of the 12th Five Year Plan,” he added

The port is also planning to sell or lease land to cover a part of its pension liabilities of Rs.3,000 crore (Rs.30 billion).

“In order to meet the pension liabilities, we have approached the Shipping Ministry. We have a plan to sell or lease land in seven to eight locations to raise part of the money,” Jain declared.

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