Gati expands but profits drop
Leading Indian road express trucking company Gati recorded a turnover increase of 5.4pct but a 52.6 pct drop in net profit for the first quarter of 2008 due to rising costs. It has also introduced a new air express service and established Singapore as its regional headquarters.
The company’s turnover grew 5.4pct to Rs 1.47bn (EUR 22.1 million) during January-March 2008. The net profit, however, fell by 52.6pct to Rs 32.2 million (EUR 0.5 million) due to a large increase in operating costs.
Separately, the company has launched a new service “Gati Air Express” offering next day delivery to around 30 locations nationwide and next day before noon delivery across nine local locations to meet customer demands. The company has established a fleet of dedicated freighters and multimodal network to ensure that shipments arrive on time providing seamless connectivity across air, road, ocean and rail.
Meanwhile, Gati has chosen Singapore to become the company’s regional headquarters profiting from the country’s strategic location to expand its business activities into the fast-growing Asia region and beyond and thus strengthen its international network.
Today, Gati has offices in China, Singapore, Japan, Dubai, Hong Kong Thailand, Nepal and Sri Lanka and plans to foray into other markets. Gati International’s revenues have grown from SGD 2.0 Million (EUR 937,116) to SGD 9.6 Million (EUR 4.5 million) over the last 3 years.
Leading Indian road express trucking company Gati recorded a turnover increase of 5.4pct but a 52.6 pct drop in net profit for the first quarter of 2008 due to rising costs. It has also introduced a new air express service and established Singapore as its regional headquarters.
The company’s turnover grew 5.4pct to Rs 1.47bn (EUR 22.1 million) during January-March 2008. The net profit, however, fell by 52.6pct to Rs 32.2 million (EUR 0.5 million) due to a large increase in operating costs.
Mahendra Agarwal, Gati’s CEO and Managing Director, said in a statement that infrastructure, manpower and business processes were in place to present a healthy turnover in the next quarter.
Separately, the company has launched a new service “Gati Air Express” offering next day delivery to around 30 locations nationwide and next day before noon delivery across nine local locations to meet customer demands. The company has established a fleet of dedicated freighters and multimodal network to ensure that shipments arrive on time providing seamless connectivity across air, road, ocean and rail.
Meanwhile, Gati has chosen Singapore to become the company’s regional headquarters profiting from the country’s strategic location to expand its business activities into the fast-growing Asia region and beyond and thus strengthen its international network.
“This is a dream come true,” added Mahendra Agarwal. “When we decided to spread our wings beyond India 3 years ago, Singapore was our first choice, because of its great infrastructure, businesses, finance, support services, world class reputation as a shipping, logistics, trading and financial hub, the importance of its geographic location as a springboard to Asia, and last but by no means least because of the long standing excellent business and cultural ties between Singapore and India.”
Today, Gati has offices in China, Singapore, Japan, Dubai, Hong Kong Thailand, Nepal and Sri Lanka and plans to foray into other markets. Gati International’s revenues have grown from SGD 2.0 Million (EUR 937,116) to SGD 9.6 Million (EUR 4.5 million) over the last 3 years.
