Great Eastern Shipping Q3 Net Jumps 51%


New Delhi: India’s largest private shipping company Great Eastern Shipping today reported a 51 per cent increase in consolidated net profit at Rs 274.86 crore for the December quarter on the back of higher income.

The company had posted Rs 181.70 crore profit in the corresponding quarter a year ago.

Its total income from operations rose to Rs 947.74 crore during the quarter under review compared with Rs 877.81 crore in the year-ago period.

Expenses declined to Rs 438.87 crore during the quarter as against Rs 537.41 crore in October-December quarter of 2014-15.

The company’s shipping segment revenue declined to Rs 535.46 crore during the quarter under review as against Rs 556.22 crore in the year-ago period.

Offshore revenue increased to Rs 461.45 crore in the third quarter of the current fiscal as against Rs 388.08 crore in the corresponding quarter of the last fiscal.

In a separate filing, the company said its board of Directors have declared an interim dividend of Rs 6 per equity share and the out go on this account Rs 107.85 crore including tax on dividend.

During the quarter, the company entered into a contract to buy a medium range product tanker ‘Jag Padma’ and took the delivery of the vessel on January 27.