Great Offshore Q2 net down 10% at Rs 28 cr

Leading offshore oilfield services provider Great Offshore today reported an about 10.51 per cent decline in standalone net profit to Rs 28.09 crore in the July-September quarter.

Net profit of the company during the same period last year was Rs 31.39 crore, the company said in a statement.

Standalone income from operations of the company stood at Rs 199.18 crore in the reporting quarter, down 15.51 per cent from Rs 235.77 crore in the quarter ended September 30, the statement said.

"The second quarter of 2010-11 recorded a marginal decrease in operating income mainly on the back of the rig Kedarnath being in dry dock and absence of earnings from EPIC contracts due to monsoons," the statement added.

For the April-September period, the company reported a marginal growth of about 2.29 per cent in net profit to Rs 54.82 crore from Rs 53.59 crore in the same period of 2009-10.

Income from operations during the first half of this fiscal stood at Rs 435.08 crore, down 9.88 per cent from Rs 482.81 crore in April-September, 2009-10.

"As on September 30, 2010, revenue visibility on existing charter contracts for owned vessels for the balance period of 2010-11 is around Rs 235.08 crore," the statement said.

The company's standalone fleet comprised 47 owned vessels, including three drilling units and 28 offshore support vessels, as of August 10, 2010.