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India’s largest private sector shipping company,Great Eastern Shipping Co Ltd reported a consolidated net profit of Rs 161 crore in the quarter ended September almost double from last year mainly because of gains in foreign currency transaction.
In the corresponding period last year, the Mumbai-based company reported a net profit of Rs 81.20 crore.
A significant contraction in the unrealised loss of the company in the period under review compared with corresponding quarter last year supported the bottomline.
The gain on foreign currency transaction includes an unrealised loss of Rs 32.48 crore in the quarter ended September as against an unrealised loss of Rs 129.06 crore in the corresponding period last year, said the company in its note.
The company noted a gain in foreign currency transaction worth Rs 74.37 crore in the September quarter as against a loss of Rs 81 crore in the corresponding period last year.
GE Shipping clocked revenue worth Rs 770 crore in the period under review as against 658 crore in the same period last year. This also supported the company’s bottomline.
However, the company’s revenue earnings from its offshore segment continued to be higher compared with its revenue earnings from the shipping business.
During the quarter, GE Shipping’s revenue from the offshore segment stood at Rs 448 crore slightly up from Rs 437 crore generated by the shipping segment.
In the corresponding period last year, the company’s revenue from offshore and shipping business was at Rs 368 crore and Rs 361 crore, respectively.
With a fleet size of about 30 vessels, GE Shipping mainly transports liquid, gas and solid bulk.
The company has two main business-- shipping and offshore. The shipping business is involved in transportation of crude oil, petroleum products, gas and dry bulk commodities. The offshore business services the oil companies in carrying out offshore exploration and production activities through its wholly owned subsidiary Greatship (India) Ltd.
With total expenses staying at almost same levels from same period last year, GE Shipping managed to report a healthy operating profit of Rs 392 crore in the quarter under review as against Rs 266 crore in the same period last year.
