Varun Shipping posts net profit of Rs 11.81 cr for Dec qtr

MUMBAI Varun Shipping on Friday reported a net profit of Rs 11.81 crore for the quarter ended December 31, 2010, against a net loss of Rs 1.38 crore during the corresponding quarter last fiscal.

However, total income of the company declined by 7.9 per cent during the quarter to Rs 220.15 crore, it said in a filing to the Bombay Stock Exchange (BSE).

The company had reported a total income of Rs 239.04 crore during the October-December quarter last fiscal.

During the quarter, income from freight and charter hire declined by 28.89 per cent to Rs 122.25 crore. Besides, the company registered growth of over 46 per cent on sale of ships and other assets to Rs 97.9 crore.

For the April-December, 2010 period, the company posted a net profit of Rs 35.94 crore, an increase of over 165 per cent during the October-December quarter. It had reported a net profit of Rs 13.54 crore during the corresponding period last fiscal.

Shares of the company closed today at Rs 27.90 apiece on the BSE, up 9.20 per cent from the previous close.