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Our Bureau

Mumbai , Jan. 23

SHREYAS Shipping Ltd has reported a 170 per cent rise in its net profit for the third quarter of the current fiscal to touch Rs 16.44 crore, against Rs 6.11 crore reported in the corresponding quarter of last fiscal.

During the quarter, the company's operating income was Rs 25.76 crore (Rs 19.90 crore), representing a 29.4 per cent increase.

The board of directors of the company declared an interim dividend at the rate of 7 per cent on equity shares and 9 per cent on preference shares of the company.

Due to increase in the charter rates, charter hire income increased by 37.99 per cent to Rs 11.29 crore compared with Rs 8.18 crore in the third quarter of last fiscal.

During the quarter, the company, which has six vessels, had signed an MoU for purchase of `Orient Victory', a 569 TEU second-hand container vessel. In addition to the coastal transhipment feeder services, the company has been concentrating on developing coastal shipping trade by promoting the concept of domestic transportation in containers by sea and offering multimodal transportation.

Shreyas is at present studying the prospects of running a service connecting ports within the SAARC region.

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