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Our Bureau

Mumbai , July 30

GREAT Eastern Shipping has reported a 6 per cent increase in net profit for the first quarter of the current fiscal to touch Rs 102.43 crore, against Rs 96.23 crore in the corresponding period last fiscal.

During the quarter, provision for tax (current and deferred) of Rs 18.5 crore was provided, without giving effect to the tonnage tax proposal in the Finance Bill 2004.

The company's total income during the quarter was Rs 417.05 crore, against Rs 301.38 crore in the corresponding quarter last fiscal, representing an increase of 38 per cent. The shipping division contributed about 78 per cent of the total revenue, while the offshore division contributed about 19 per cent.

During the quarter, revenue days at 3,311 were higher by around 21 per cent compared to the corresponding period last fiscal (2,719 days), primarily due to tonnage addition of 1.26 million DWT. Crude carriers earned an average rate of $23,744 per day, while product carriers brought $14,734 per day.

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