GE Shipping Q1 net up 35% at Rs 245 cr

The company Board also approved buy back of shares "upto an aggregate amount of Rs 279 crore

Great Eastern Shipping today reported a 35.36% rise in its consolidated net profit to Rs 244.98 crore for the quarter ended June 30, 2013, largely due to lower operating costs and decline in interest outgo.

 

Besides, the company Board today also approved buy back of shares "upto an aggregate amount of Rs 279 crore, being 5.53% of the total paid up equity capital plus free reserves" at a maximum price of Rs 279 per share, GE Shipping said in a filing to the BSE.

 

The company had reported a net profit of Rs 180.99 crore in the corresponding quarter of the previous fiscal.

 

Its total income from operations, however, declined by 8.75% to Rs 736.42 crore during the quarter vis-a-vis Rs 807.02 crore of the Q1FY'13.

 

Company's total expenditure, including depreciation, amounted to 75.28% of its total income at Rs 554.34 crore during the quarter as its cost on hiring of chartered ships/equipments declined by over 82% to Rs 21.57 crore.

 

During the corresponding quarter of the previous fiscal, GE Shipping's total expenditure was nearly 83% of its total income at Rs 669.41 crore.

 

Besides, its finance cost was down over 23% to Rs 91.52 crore during the quarter.

 

Following the results, GE Shipping shares were up 0.68% at Rs 237 a piece on the BSE at 1417 hours.