Business Daily from THE HINDU group of publications
Wednesday, Jan 30, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Wednesday, Jan 30, 2008 ePaper | Mobile/PDA Version |
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Corporate Results
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Shipping Logistics - Financial Performance GE Shipping gains on forex, operating income
Our Bureau Mumbai, Jan 29 Higher operating income and forex gains have led Great Eastern Shipping to post a 77 per cent growth in net profit at Rs 293.57 crore for the quarter ended December 31, 2007 against Rs 165.8 crore last year. The total income of the company has risen 43 per cent at Rs 744 crore (Rs 519.85 crore). Foreign exchange gains in respect of loan repayments and revaluation of outstanding foreign currency loans relating to acquisition of ships amounting to Rs 22.42 crore have been included under other income, as against the earlier practice of adjusting against the carrying cost of ships. Operating income stood at Rs 604 crore (Rs 490.7 crore). According to Mr K.M. Sheth, Executive Chairman, the company’s operating profit has been 50 per cent higher exclusive of gain on sale of ships. “The improvement in earnings can be attributed to the higher time charter yields averaged in the dry bulk segment.” Expenses on account of drydocking were also lower at Rs 23 crore compared with Rs 30 crore in the same quarter last year. Freight market outlookCommenting on the freight market, Mr Sheth said, “The dry bulk market maintained its upward spiral for much of the quarter. However, post December there has been a sharp correction which should get ironed out in the short term. On the tanker market we remain quite positive for the fourth quarter. Key drivers for tanker rates in the short term will be the inventory levels and seasonal winter demand.
GE Shipping orders 2 vessels GE Shipping gets dry bulk carrier ‘Jag Ratan’ GE Shipping to buy 2 dry bulk carriers GE Shipping net grows 46% on higher freight earnings More Stories on : Shipping | Financial Performance
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