Moneycontrol
Aug 10, 2017 04:07 PM IST | Source: PTI

GE Shipping Q1 net plunges 58% to Rs 103 cr

The company had posted a net profit of Rs 247.82 crore in the year-ago period, Great Eastern Shipping Company said in a BSE filing.

GE Shipping Q1 net plunges 58% to Rs 103 cr

Great Eastern Shipping Company today posted 58 per cent decline in consolidated net profit at Rs 103.56 crore for the quarter ended June 30, 2017.

The company had posted a net profit of Rs 247.82 crore in the year-ago period, Great Eastern Shipping Company said in a BSE filing.

The total income during April-June quarter dropped to Rs 857.43 crore as against Rs 889.59 crore in the corresponding quarter a year ago.

The firm's consolidated revenue from the shipping segment rose to Rs 588.41 crore from Rs 478.93 crore in the year-ago period. The revenue from the offshore segment however declined to Rs 275.91 crore from Rs 417.10 crore in the year-ago quarter.

Its total expenses were at Rs 715.78 crore as compared to Rs 599.28 crore in June quarter last fiscal.

The company has two main businesses - shipping and offshore. The shipping business involves transportation of crude oil, petroleum products, gas and dry bulk commodities.

The offshore business gives service to oil companies in carrying out offshore exploration and production activities, through its subsidiary Greatship (India) Ltd.

Shares of the company closed at Rs 374.40 per scrip, down 3.11 per cent on BSE.
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