Financial Daily from THE HINDU group of publications
Friday, Jan 27, 2006
Financial Daily from THE HINDU group of publications Friday, Jan 27, 2006 |
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Logistics
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Financial Performance Corporate Results - Shipping Varun Shipping Q3 net up at Rs 52.72 cr Our Bureau
Mumbai , Jan. 26 VARUN Shipping has registered a net profit of Rs 52.72 crore in the quarter ended December 31, 2005. This was a 126.85 per cent jump over the Rs 23.24 crore recorded in the same quarter in the previous year. The company has declared a second interim dividend of 15 per cent, taking the total of 30 per cent so far, for the current fiscal. The company has attributed the growth in net profit to continued buoyancy in freight rates for LPG carriers and the addition of ships to its fleet. Aframax tanker rates have also improved during the quarter ended December 31, 2005. The total revenue for the quarter under review has also gone up to Rs 189.09 crore from Rs 103.80 crore in the corresponding quarter of the previous year. Net profit for the nine months ended December 31, 2005, was up 137 per cent at Rs 122.90 crore (Rs 51.72 crore). Total revenue for the nine-month period was up 62.29 per cent at Rs 452.57 crore (Rs 278.86 crore). Addressing a press conference after the board meeting, Mr Yudhishthir D. Khatau, Managing Director, said the company will be expanding its offshore fleet with an initial investment of $80-100 million.
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