Great Eastern Shipping Q3 net up over two-fold at Rs 192 cr

This is mainly due to forex gains and decline in interest costs

The Great Eastern Shipping Company today reported an over two-fold jump in consolidated net profit at Rs 192 crore for the quarter ended December 31, 2012, largely on forex gains and decline in interest costs.

The company had reported a net profit of Rs 87.46 crore in the corresponding quarter of the previous fiscal.

It's total income from operations, however, remained flat at Rs 759 crore during the quarter vis-a-vis Rs 758 crore of the October-December quarter of FY12, it said in a BSE filing.

The leading shipping company reported a nearly 52% rise in its other income as its made a forex gain of Rs 55.75 crore during the quarter.

Moreover, the company also saw a decline of over 25% in its interest costs to Rs 85.58 crore during the quarter.

The company board also recommended an interim dividend of Rs 3 per share. The outgo on payment of interim dividend will be Rs 53.11 crore including tax, the company said.