Garware Offshore QIII Revenue at Rs. 45.52 Crores, up by 88%

Net Profit up by 69% to  Rs. 9.97 Crores

Highlights:

• Interim Dividend @ 6%
• On stand alone basis, total Income for the quarter ended December 2008 stood at Rs. 45.52 Crores. For the nine months ended December 2008, the Total Income stood at Rs. 117.80 Crores.
• Profit After Tax for the quarter ended December 2008 was Rs. 9.97 Crores. For the nine months ended December 2008, the Profit After Tax was Rs. 34.64 Crores.
• Basic EPS (before extra-ordinary items) for the quarter ended December 2008 was Rs. 4.19 and for the nine months ended December 2008 was Rs. 14.54

Garware Offshore Services Limited, offshore vessel owners and operators announced their December quarter results with total income of Rs.  45.52 Crores, an increase of 88% as compared to Total Income of Rs. 24.23 Crores for the corresponding period of 2007. The Net Profit After Tax for the quarter ended December 31, 2008 was Rs. 9.97 Crores (a rise of 69%), while basic EPS (before extra-ordinary items) for the quarter ending December 31, 2008 stood at Rs. 4.19. The Company has also adopted AS-30 – Financial Instruments – Recognition and Measurement with effect from April 1, 2008.

Commenting on the company’s performance Mr. Aditya Garware, Vice Chairman & Managing Director, Garware Offshore Services Limited said “Garware Offshore took delivery of its new Anchor Handling Tug cum Supply Vessel “M. V. Meghna” at China, on December 22, 2008.The vessel is presently deployed in ASEAN waters.”

Speaking on the results and the operations, Mr. Garware further added “The Company’s performance indicates significant growth during the quarter. The increase in revenues has been due to deployment of its new PSV “M. V. Mana” in the Northsea and AHTSV “M. V. Poorna” in Vietnam. The company is on schedule in terms of its expansion plans and will take delivery of one PSV and one AHTSV by end of FY 09 and one Large PSV in the third quarter of FY 2011, taking the entire fleet to 12 vessels.” Including the vessels on bareboat charter, the fleet will be 14 vessels.

About Garware Offshore:
Garware Offshore Services Ltd. (GOSL), was incorporated in 1976. The Company initially started with operating general cargo vessels, but eventually diversified into the field of offshore vessels. The Company is expanding its fleet size, and has taken delivery of 4 platform supply vessels (PSVs) and 2 AHTSVs, which are used as support vessels for offshore oil exploration activities and 1 more PSV is scheduled for delivery by end of FY 09. In addition to this, one 60T AHTSV is scheduled for delivery by end of FY 09 and one Large PSV is scheduled for delivery in FY 2011. The Company has realized the huge potential in the growing offshore industry and thus aims to expand its fleet size in the coming years.