Garware Offshore Services Q1 net at Rs 15 cr

Shipping services firm Garware Offshore Services today reported a consolidated net profit of Rs 15.41 crore for the first quarter ended June in current fiscal.

The company had a net loss of Rs 5.52 crore for the same period ended June 2008, Garware Offshore Services said in a filing to the BSE.

"The net unrealised exchange gain on foreign currency borrowings aggregating to Rs 34.91 crore for the current quarter has been recognised directly in hedge reserve. Consequently, the previous period figures are not comparable," the filing added.

Income from operations rose to Rs 57.05 crore in the quarter ended June, however it had income from operations at Rs 27.70 crore in the same quarter last year.

 

The stock today settled at Rs 156.75 on the BSE, up 4.99 per cent from the previous close.