GE Shipping Q1 consolidated net profit down 5%

Great Eastern Shipping (GE Shipping) today reported a 5% dip in its consolidated net profit at Rs 162 crore for the quarter ended June 30, over the same period in the last financial year.

The firm had posted a net profit of Rs 171.8 crore in the first quarter of FY11, GE Shipping said in a filing to the Bombay Stock Exchange.

However, the revenue of the shipping firm increased to Rs 784 crore in Q1 FY12, against Rs 727 crore in the year-ago period, it added.

Explaining 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 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 in the remaining part of the current financial year.

"Crude tankers and product carriers (including gas carrier) are covered to the extent of around 55% and 60% of their operating days, respectively. In case of dry bulk carriers, they are covered to the extent of around 42% of the fleet's operating days," it added.