GE Shipping drops after poor Q3 outcome

Great Eastern Shipping Company lost 0.28% to Rs 290 at 15:09 IST on BSE after consolidated net profit fell 47.09% to Rs 101.50 crore on 10.04% decline in revenue including other income to Rs 792.99 crore in Q3 December 2013 over Q3 December 2012.

The Q3 result was announced during trading hours today, 6 February 2014.

Meanwhile, the S&P BSE Sensex was up 59.26 points or 0.29% at 20,320.29.

On BSE, so far 34,000 shares were traded in the counter as against average daily volume of 18,940 shares in the past one quarter.

The stock was volatile. The stock lost as much as 2.68% at the day's low of Rs 283 so far during the day. The stock rose as much as 1.73% at the day's high of Rs 295.85 so far during the day. The stock had hit a 52-week high of Rs 329.20 on 2 January 2014. The stock had hit a 52-week low of Rs 199.25 on 24 June 2013.

The stock had underperformed the market over the past one month till 5 February 2014, sliding 6.99% compared with the Sensex's 2.83% fall. The scrip had, however, outperformed the market in past one quarter, advancing 0.64% as against Sensex's 3.4% fall.

The mid-cap company has equity capital of Rs 150.95 crore. Face value per share is Rs 10.

Great Eastern Shipping Company (GE Shipping)'s consolidated EBITDA including other income declined 18.32% to Rs 360.62 crore in Q3 December 2013 over Q3 December 2012.

GE Shipping said it has placed an order for 3 new building Kamsarmax dry bulk carriers (about 82,000 dwt each) to be built at Jiangsu New Yangzi Shipbuilding Co, China. The ships will be built according to new eco design features which will result in greater fuel efficiency and be in compliance with Energy Efficiency Design Index requirements, the company said. The 3 vessels are expected to join the company's fleet in second quarter and third quarter of calendar year (CY) 2016.

Great Eastern Shipping Company operates in two main businesses viz. shipping and offshore. The shipping business is involved in transportation of crude oil, petroleum products, gas and dry bulk commodities. The company's offshore business services to the oil companies in carrying out offshore exploration and production activities.

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