Indian express operator Blue Dart saw profits slump in the first quarter of 2012 due to higheroperating costs and despite a 22% rise in revenues.
The company, 81% owned by DHL Express, increased revenues by 22% to Rs 4,109 million (€59million) in the quarter ended March 31, 2011. But its operating costs rose sharply by 29% to Rs3,740 million (€53.6 million) over the three months.
As a result, Blue Dart’s operating profit (before other income and exceptional items) dropped by22% to Rs 373 million (€5.4 million) from last year’s Rs 479 million profit level.
The company posted a Q1 net profit of Rs 291 million (€4.2 million), down 19% from Rs 361million for the first quarter of last year.
The company did not make any comments on its Q1 results.
