Blue Dart net up by 365 %
-Blue Dart's Q2 sales up by 11% as compared to Q1 -
Blue Dart Express Limited, India's largest air express company declared financial results for the second quarter ended September 30, 1998 at a board meeting held in the city today. Blue Dart sales for Q2 of the financial year 1998-99, have increased by 11% as compared to sales recorded in Q1 of 1998-99. Further, Profit Before Tax (PBT) has surged by 365% to Rs. 237 lakhs in Q2 of 1998-99, as compared to Rs. 51 lakhs recorded in Q1. The company continues to maintain the strong growth achieved as a result of the turnaround performance of the first quarter ended 30 June , 1998. The company has shown continuous quarter over quarter improved operating margins as a result of the combined factors of strong quality service, better product mix, increased yields and cost efficiency measures.
Commenting on Blue Dart's excellent performance for the second consecutive quarter, Mr. Clyde Cooper, Managing Director, Blue Dart Express Limited said, "Blue Dart's improved performance can be attributed to a four pronged strategy implemented by the company of - quality service to Customers, yield management, efficient utilisation of assets and resources, and cost reduction through restructuring. The company expects to continue this trend of profitable growth ."
Blue Dart Aviation, the company's wholly owned subsidiary has achieved breakeven for the last two quarters and continues to show positive trends. The company has seen strong growth on the air cargo sector with higher capacity utilisation.
During the second quarter, Blue Dart Express Ltd. allotted 30,66,667 shares to Newfields Holding Limited on conversion of its fully convertible debentures. These shares were converted at a premium of Rs 65/- per share. As a result of this the paid up equity share capital stands increased from Rs 882 lakhs to Rs 1188 lakhs.
Blue Dart Express Limited is India's leading express company with a 36% domestic market share. Blue Dart today offers a comprehensive range of services and products for both international and domestic shippers. Blue Dart's continuous commitment towards understanding the needs and concerns of the customer has enabled it to provide unmatched standards of service quality with above 99.8% reliability levels in the express industry. Over the years, Blue Dart has continuously pioneered and expanded its market share in the express industry as the industry leader.
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Dated : October 17, 1998.