Global Offshore's total income touches Rs 44.85 cr

Global Offshore Services Limited (Formerly known as Garware Offshore Services Limited) one of the offshore vessel service providers announced their results for the third quarter ended December 31, 2011 with Charter Earnings of Rs 44.09 crore and a Net Profit of Rs 10.07 crore on a standalone basis. This was a substantial “jump” in earnings and Profit as compared to the previous quarter i.e. Q2 FY12. Compared to the previous quarter, the income rose by 37% and the Net Profit surged by 40%.

On a consolidated basis, compared to Q2 FY12, Income from Operations increased by 17% and Net Profit also surged by 92%.

For a 9 month period, on a standalone basis, the charter earnings stood at Rs 110.21 crore with a Profit After Tax of Rs 22.84 crore while EBIDT margins stood at Rs 61.92 crore.

Commenting on this development, Aditya Garware, Vice Chairman and Managing Director, Global Offshore Services Limited said, “Global Offshore’s performance has been satisfactory this quarter and this has been a testimony of our efforts. We hope to achieve maximising utilisation of assets in the forthcoming months. As compared to the corresponding quarter of the previous year, the Charter Hire Income has increased by about 4% to Rs 44.09 crore. This is despite the fact that the company has sold two of its older vessels in the last 12 months.

“On a consolidated basis, for the quarter ended 31st December 2011, the charter hire earnings stood at Rs 62.09 crore, an increase of 23%. This increase is due to the fact that all the vessels are on term contracts.”