Comments
Great Eastern Shipping (GE Shipping) has reported a five per cent dip in its consolidated net profit at Rs 162 crore for the first quarter ended June 30, 2011 over the same period in the last financial year.
The company had posted a net profit of Rs 171.8 crore in the first quarter of FY’11, GE Shipping said in a filing to the Bombay Stock Exchange.
However, revenues increased to Rs 784 crore in Q1 FY’12 from Rs 727 crore in the year-ago period, it added.
About its capital expansion plans, GE Shipping said that at present it has committed a total capex of $55 million of which $33 million has been advanced to the yards as stage payment, resulting in an addition of about 0.08 million DWT (Dead Weight Tonnage) to the tonnage.
GE Shipping at present has a fleet of 35 ships of 2.61 million DWT.
Talking about its future outlook, the company said its revenue projections are put at around Rs 396 crore for the remaining part of the current financial year.
“Crude tankers and product carriers (including gas carrier) are covered to the extent of around 55 per cent and 60 per cent of their operating days, respectively. In the case of dry bulk carriers, they are covered to the extent of around 42 per cent of the fleet’s operating days,” it added.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.