04-02-2017

Great Eastern Shipping Q3 Net down 33% at Rs 238 crore

GESC

India’s largest private shipping company Great Eastern Shipping on Friday reported a 33.44 per cent dip in consolidated net profit at Rs 238.36 crore for the December quarter of 2016 on the back of decreased income.

The company had clocked Rs 358.13 crore profit in the corresponding quarter of 2015-16.

Total income from operations declined to Rs 749.36 crore during the quarter under review compared with Rs 961 crore in the year-ago period.

Expenses declined to Rs 362.72 crore during the quarter as against Rs 414.33 crore in October-December quarter of 2015-16.

The company’s shipping segment revenue declined to 569.37 crore during the quarter as against Rs 583.18 crore in the year-ago period.

Offshore revenue too was hit and declined to Rs 357.54 crore in the third quarter of the current fiscal as against Rs 462.66 crore in the corresponding quarter of the last financial year.

Chairman KM Sheth said, during the quarter Great Eastern Shipping contracted to buy two Aframax Crude Carriers and three Suezmax Crude Carriers for delivery in the fourth quarter.

In a separate filing, Great Eastern Shipping said that the Board of Directors of the company has declared an interim dividend of Rs 3.60 per share to its equity shareholders.

Great Eastern Shipping shares were trading 0.06 per cent higher at Rs 386.50 apiece on BSE.

Source: PTI

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