Great Eastern Shipping has soared 5% to Rs 253 in morning deals after reporting over two fold growth in consolidated net profit which came in at Rs 192 crore for the third quarter ended December 31, 2012 (Q3), due to foreign exchange gain and lower interest cost. The shipping company had a profit of Rs 89 crore in a year ago quarter.
“The company has recorded a net gain of Rs 56 crore on foreign currency transaction against Rs 29 crore during the recently concluded quarter. Its finance cost declined by 25% at Rs 86 crore on year-on-year basis,” G E Shipping said in a statement.
Total income from operations grew 5.4% to Rs 881 crore during quarter under review against Rs 836 crore over the same quarter of previous year.
“The company sees revenue visibility of around Rs 503 crore in balance part (Q4) of FY2012-13 against Rs 450 crore in a year ago quarter,” it added.
Meanwhile, the board of directors of the company has declared an interim dividend of Rs 3 per share to the equity shareholders of the company.
The stock opened at Rs 245 and hit a high of Rs 256 on NSE. A combined 62,626 shares have changed hands on the counter so far on both the exchanges.
“The company has recorded a net gain of Rs 56 crore on foreign currency transaction against Rs 29 crore during the recently concluded quarter. Its finance cost declined by 25% at Rs 86 crore on year-on-year basis,” G E Shipping said in a statement.
Total income from operations grew 5.4% to Rs 881 crore during quarter under review against Rs 836 crore over the same quarter of previous year.
“The company sees revenue visibility of around Rs 503 crore in balance part (Q4) of FY2012-13 against Rs 450 crore in a year ago quarter,” it added.
Meanwhile, the board of directors of the company has declared an interim dividend of Rs 3 per share to the equity shareholders of the company.
The stock opened at Rs 245 and hit a high of Rs 256 on NSE. A combined 62,626 shares have changed hands on the counter so far on both the exchanges.
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