Companies

GE Shipping net profit more than doubles

Satyanarayan Iyer Mumbai | Updated on March 12, 2018

The Great Eastern Shipping Company’s fourth quarter net profit more than doubled on higher other income and lower expenses.

During January-March, the Mumbai-based company’s consolidated net profit grew 115 per cent to Rs 84 crore from Rs 39 crore a year-ago.

Total other income, which includes profit on sale of ships, foreign currency transaction gain and other income, grew to Rs 75 crore compared with a loss of Rs 1.14 crore a year-ago.

Total expenses fell Rs 14 crore to Rs 492 crore. Finance costs fell 26 per cent to Rs 83 crore.

Total income, however, fell to Rs 775 crore (Rs 826 crore) on falling income in the freight and charter hire segment.

The company’s board has recommended a final dividend of Rs 4.50 per equity share.

Shares of the company were trading at Rs 229.65, down 0.72 per cent on the Bombay Stock Exchange at 2.47 p.m. local time.

>satyanarayan.iyer@thehindu.co.in

Published on May 06, 2013

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