14-11-2016

Great Eastern Shipping Q2 net drops 24 pc to Rs 269 cr

GES

Great Eastern Shipping Company today posted a 23.9 per cent decline in consolidated net profit at Rs 268.7 crore for the second quarter ended September 30, 2016.

The company had posted a consolidated net profit after tax of Rs 353.5 crore in the corresponding quarter of previous fiscal, Great Eastern Shipping said in a BSE filing.

However, the consolidated total income from operations dropped to Rs 813.7 crore over Rs 1,019 crore in the year-ago period.

The company has two main businesses — shipping and offshore.

The shipping business is involved in transportation of crude oil, petroleum products, gas and dry bulk commodities.

The offshore business provides services to the oil companies in carrying out offshore exploration and production activities, through its subsidiary Greatship (India) Ltd.

Source: PTI

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