Arshiya clocks net profit on sale of assets, loan rejig

MUMBAI: Logistics company Arshiya swung to a quarterly net profit of Rs 322.15 crore from a net loss of Rs 78 crore a year earlier, as gains from leasing out assets and restructuring of loans, offset a weak operating performance.

Revenue fell to Rs 77 crore during the quarter from Rs 79 crore a year earlier. Operating loss narrowed to Rs 52 crore from Rs 79 crore due to a decline in expenses.

The company clocked gains of Rs 156 crore from leasing out warehouses in the outskirts of Mumbai and Rs 178 crore from restructuring loans.

Chairman Ajay Mittal, in an interview to ET said the company earned Rs 534 crore by selling part of its warehousing assets to Ascendas Property Fund for Rs 534 crore and leasing them back. Ascendas has contracted to buy 3 million square feet more from the company in the next three years, he added.

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