The financial results for the year ending December 2010 have been the best-ever for Gujarat Pipavav Port Ltd (Brand name-APM Terminals Pipavav), Exim News Service informs.

According to a release, 2010 was of historic significance for Gujarat Pipavav Port Ltd (GPPL). The company turned profitable for the first time in its history and registered net profits with a 29 per cent increase in revenue. As compared to FY 2009, EBITDA increased by 134 per cent and EBITDA margins increased by a record 82 per cent.

In Q4 alone, revenue increased by 26 per cent and EBITDA and EBITDA margins increased by 92 per cent and 52 per cent, respectively.

"We have achieved significant positive developments in net results. This is mainly due to increase in volumes, better realisations, reduction in interest cost and remaining cost-focused," said Mr Hariharan Iyer, Chief Financial Officer, APM Terminals Pipavav.

Commented Mr Prakash Tulsiani, Managing Director, APM Terminals Pipavav, "The company has clearly demonstrated that focused efforts can deliver a healthy bottomline. We have laid a strong foundation for the future and I look forward to the full potential of it being unfolded in the coming years."

The company achieved significant milestones during the year. Cargo volumes grew manifold, new revenue streams were generated and market share of the Port increased. Container cargo volumes increased by 45 per cent, and eight new container lines and five new shipping services were added to the Port's portfolio. New revenue streams were developed and liquid cargo business grew.

"We have earned the reputation of 'fastest growing port' in India. I am happy to share that our market share has gone up by 25 per cent in financial year 2010 alone," added Mr Tulsiani.

The Port has enhanced rail frequency to keep up with the growth in volumes. Rail volumes too broke all previous records, increasing by 44 per cent in Q4 and 34 per cent in the whole of 2010 as compared to 2009.

Port Pipavav imbibes the values of its parent company, APM Terminals, the ports and terminals company of the international maritime giant, A.P. Moller-Maersk Group. In keeping with these values, the Port follows very high standards of safety amongst its employees and contractors. As a result, it achieved a record 705 days without Loss Time Injury during the period.

"We are now amongst the elite group of ports within APM Terminals' portfolio of ports and terminals across the world," pointed out Mr Tulsiani. "Our team has consistently worked hard to establish the safety culture not only amongst our employees but amongst contract workers as well."

The Customs House and the new employees' housing complex have been completed. New rail sidings are currently being laid, container yards are being expanded and storage areas are being constructed.

The Port won several awards during the year, among them being the EPC World Award for 'Outstanding Contribution' in the ports category and the Exim Multimodal Logistics Award for 'Emerging Gateway Port'.

One of the latest reports from Drewry, an independent maritime advisor based in the UK, rated Port Pipavav fifth among the fastest growing ports in the world in 2010. Such independent evaluations stand testimony to the Port's growing strength.