Business Daily from THE HINDU group of publications
Tuesday, Oct 31, 2006
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Business Daily from THE HINDU group of publications Tuesday, Oct 31, 2006 ePaper |
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Financial Performance Corporate Results - Shipping Varun Shipping Q2 net up at Rs 45 cr Our Bureau
Mumbai , Oct. 30 Varun Shipping has reported a net profit of Rs 45.52 crore for the second quarter of the current fiscal against Rs 43.36 crore in the corresponding quarter last fiscal. During the quarter, the company's income was Rs 204.87 crore (Rs 146.24 crore. The company has declared an interim dividend of 15 per cent. The board has recommended preferential issue of up to Rs 233 crore at a price of Rs 75 per share.
Fleet expansion
Mr Arun Mehta, Vice-Chairman and Managing Director, told presspersons that the proceeds of the preferential issue would be used to fund fleet expansion. He said the company has drawn up a fleet expansion and modernisation programme at an investment of Rs 2,000 crore. The acquisition will be for tankers, gas carriers and expanding its asset base in oil and gas exploration. The company has a fleet of 17 vessels, including 10 fully refrigerated LPG carriers and two Aframax crude oil tankers. The company has only two single hull vessels.
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