GE Shipping Q2 net profit up by 55% at Rs 168.65 cr
Great Eastern Shipping Company reported a growth of over 55 per cent in its consolidated net profit at Rs 168.65 crore during the July-September quarter.
By PTI |
NEW DELHI: Great Eastern Shipping Company (GE Shipping) today reported a growth of over 55 per cent in its consolidated net profit at Rs 168.65 crore during the July-September quarter.
The company had reported a net profit of Rs 108.47 crore during the corresponding period of last year.
Total income of the GE Shipping, on consolidated basis, has decreased by 10.67 per cent at RS 716.41 crore in the second quarter of this fiscal as compared to Rs 801.94 crore reported in the same quarter of 2009-10, a company statement said.
GE Shipping currently has a total capex commitment of around USD 573 million (Rs 2,550 crore) at current exchange rates and out of this, the company has advanced USD 234 million to the yards as stage payments, the statement said.
The statement added that "this will result in addition to the tonnage of about 1.31 DWT (dead weight tonnage) by adding 3 VLCC's (very large crude carriers), 2 Supramaxes and 3 Kamsarmax dry bulk carriers."
In its outlook for the future, the company said that the decline in Chinese imports, global economic uncertainty and rising fleet supply are expected to keep dry bulk shipping rates depressed.
Scrips of the GE Shipping was quoted today at Rs 316.75 apiece on the Bombay Stock Exchange, down 3.52 per cent from the previous close.
The company had reported a net profit of Rs 108.47 crore during the corresponding period of last year.
Total income of the GE Shipping, on consolidated basis, has decreased by 10.67 per cent at RS 716.41 crore in the second quarter of this fiscal as compared to Rs 801.94 crore reported in the same quarter of 2009-10, a company statement said.
GE Shipping currently has a total capex commitment of around USD 573 million (Rs 2,550 crore) at current exchange rates and out of this, the company has advanced USD 234 million to the yards as stage payments, the statement said.
The statement added that "this will result in addition to the tonnage of about 1.31 DWT (dead weight tonnage) by adding 3 VLCC's (very large crude carriers), 2 Supramaxes and 3 Kamsarmax dry bulk carriers."
In its outlook for the future, the company said that the decline in Chinese imports, global economic uncertainty and rising fleet supply are expected to keep dry bulk shipping rates depressed.
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Scrips of the GE Shipping was quoted today at Rs 316.75 apiece on the Bombay Stock Exchange, down 3.52 per cent from the previous close.
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