The Hindu Business Line : ABG Shipyard Q3 net up 60.8% on repeat orders

Mumbai, Jan. 7 ABG Shipyard posted a 60.8 per cent increase in third quarter net profit, on the back of significant growth in fresh and repeat orders.

The profit rose to Rs 47 crore for three months ended December 31, 2007 from Rs 29 crore last year.

The leading private sector yard said the order book position as on December 31, 2007 stood at Rs 8,277 crore. During the quarter, the company received repeat orders worth Rs 1,040 crore from overseas parties including Lamnalco Ltd, Maridrive and Oil services, Precious Shipping and ESLL for the construction of nine vessels.

Mr Dhananjay Datar, ABG’s Chief Financial Officer, said enhanced productivity, faster delivery and repeat order from existing clients has reflected in the current quarterly results.

The total income of the company was up 55.2 per cent at Rs 276 crore (Rs 178 crore).

Manufacturer of marine ships, including bulk carriers, deck barges, interceptor boats, anchor handling supply ships, driving support ships, tugs and offshore vessels, ABG has delivered over 100 ships of various types to domestic and international customers. Of these, nearly 50 per cent of the deliveries have taken place in the last five years, a statement said.

Shares of ABG Shipyard closed at Rs 979.30 down 1.22 per cent as against previous day’s close of Rs 991.35

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ABG Shipyard Q3 net up 60.8% on repeat orders