Garware Offshore net up 71% at Rs 4 cr

Buoyed by the contracts from the offshore oil exploration companies, shipping firm Garware Offshore Services reported 71.31 per cent growth in net profit at Rs 4.42 crore for the quarter ended September 30, 2006, against Rs 2.58 crore for the corresponding quarter of the previous year.

Total income from operations rose by 83.53 per cent for the reporting quarter at Rs 13.49 crore as against Rs 7.35 crore for the corresponding quarter last year.

During the quarter, two of the company's vessels were dry docked as per statutory requirements. The company's vessel, M V Kailash, will be delivered on November 3 and will go on contract for a three years from December 10.

"We have ordered for three additional platform support vessels (PSVs) from Norwegian shipyard Havyard Leirvik AS. We also have plans to acquire additional vessels in due course," a senior company executive said.