Great Eastern Shipping reports Rs 468 cr profit for Apr-Jun quarter

Great Eastern Shipping Company Ltd (GE Shipping) on Thursday reported Rs 467.74 crore profit on a consolidated basis for the quarter ended June 30.

The country's largest private ship liner had posted a loss of Rs 53.96 crore in the year-ago period, the company said in a BSE filing.

The company also said its Board has appointed Former RBI governor Urjit Patel as an Additional and Independent Director of the company for a term of 5 years w.e.f. August 01, 2020.

Its total consolidated income during the quarter under review rose to Rs 1,196.51 crore, as against Rs 772.50 crore in the corresponding quarter a year ago.

Total expenses during April-June declined to Rs 720.35 crore, compared to Rs 808.06 crore in the year-ago quarter.

The company said shipping and offshore operations of the group have continued, albeit with certain disruptions, following multi-country Covid-19 lockdowns.

"Operational challenges arising due to lockdowns including movement of manpower and materials are being appropriately addressed by the Management. Offshore assets under term contracts with reputed customers continue to operate as per original schedules. For shipping, the impact of Covid-19 pandemic has been different across different types of assets," it said.

The company said the volatility of freight rates has been higher than usual in some cases, but ships have continued to be deployed.

"Such enhanced volatility in markets has not materially impacted long-term rates considered in assessing recoverable amounts of the property, plant and equipment... The group has adequate resources to meet its financial obligations in the foreseeable future," it said.

During the quarter, the company has formed a wholly owned subsidiary in India - Great Eastern Services Limited, with main objects of providing allied shipping services.