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Great Eastern dazzles more cautious rivals.
(From Lloyds List)
Byline: First quarter net profit sees 245% jump, writes Shirish Nadkarni
INDIA'S largest private sector shipowner, Great Eastern Shipping,has turned in a dazzling performance during the first quarter of the financial year 2005-06, notching a 245% increase in net profit over the corresponding quarter of 2004-05.
While the total income increased by 85% to Rs7.71bn ($177m) from Rs4.17bn in the April to June quarter of the previous fiscal, the operating profit was 119% better at Rs4.73bn, while the post-tax profit rose from Rs1.44bn to Rs3.53bn.
At a time when shipping companies the world over are beginning to feel the onset of a downturn, Great Eastern achieved a 14%rise in shipping revenue, improved the day rates onspotfixtures andsealed time charter renewals at improved rates.
The bottom line also benefited from the sale of a very large crude carrier, the Vasant J Sheth.
The shippingdivision's contribution to total revenue and profit before tax andinterest stood at 86% and 91% respectively for the quarter, while theoffshore division contributed 9% to the total revenue and 5% to the profit before tax and interest.
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