GE Shipping Q2 net jumps 108.7%

BS 200 SCORECARD

The Great Eastern Shipping Co, the country's second largest shipping company, has recorded 108.7 per cent jump in its net profit in the quarter ended September 30 at Rs 167.18 crore compared with Rs 80.12 crore in the same quarter of previous year. Total income rose to Rs 497.78 crore, up 70 per cent from Rs 291.6 crore during the quarter ended September 2003.

The company has declared an interim dividend of Rs 3.50 a share. Total expenditure rose to Rs 253.47 crore in the quarter under review compared with Rs 157.88 crore in the corresponding quarter of the previous year. Interest outgo also rose to Rs 17.38 crore.

During the quarter, the company purchased a newly built platform supply vessel of DWT 3317 MT and ordered building of two anchor handling tug supply vessels and two platform supply vessels.

Besides, it contracted to sell two supply vessels and to sell an Aframax crude carrier for delivery in quarter ending December 31, 2004. The company has stated that the profit on sale will be accounted on delivery.