Private sector Great Eastern Shipping's consolidated net profit nosedived by 97.6 per cent to Rs 6.8 crore for the quarter ended September 30, 2017. The company had posted a consolidated net profit of Rs 286 crore in the corresponding quarter of the previous fiscal, Great Eastern Shipping Co Ltd said in a statement. The consolidated revenue -- including other income -- during the quarter declined to Rs 815.22 crore, over Rs 956.67 crore in the year-ago period, the company said in a statement. The company has two main business: shipping and offshore.
The shipping business is involved in transportation of crude oil, petroleum products, gas and dry bulk commodities. The offshore business services to the oil companies in carrying out offshore exploration and production activities, through its subsidiary Greatship (India) Ltd.
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