GE Shipping net soars 77% for Dec '07 qtr

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

30 Jan 2008

Mumbai-based Great Eastern Shipping Company (GE Shipping) reported 77.01% increase in net profit to Rs 2,935.70 million for the quarter ended December 2007 as compared with Rs 1,658.50 million in the corresponding quarter, last fiscal.Net sales for the quarter rose 23.14% to Rs 6,042.90 million as against Rs 4,907.50 million for the corresponding quarter, a year ago.Total income for the quarter surged 43.17% to Rs 7,442.80 million from Rs 5,198.50 million in the corresponding quarter, a year ago.The earnings per share (EPS) stood at Rs 19.10 for the quarter ended December 2007.GE Shipping is amongst one of the leading shipping companies in the country. The company has two main businesses: shipping and offshore.The shipping business is involved in transportation of crude oil, petroleum products, gas and dry bulk commodities. The offshore business caters to the oil companies in carrying out offshore exploration and production activities.GE Shipping has a fleet of 47 vessels, comprising 34 tankers (12 crude carriers, 20 product carriers, 2 LPG carriers) and 13 drybulk carriers with an average age of 10.7 years aggregating 3.14 mn dwt.Shares of the company gained Rs 9.75, or 2.4%, to trade at Rs 416. The total volume of shares traded was 27,503 at the BSE.Detailed info can be found in the following link:http://www.greatship.com/media/pr/PR_Q3FY08FinalPR.pdf