The Hindu : GE Shipping's lower net

Online edition of India's National Newspaper
Saturday, May 03, 2003

Business

Business

GE Shipping's lower net

By Our Staff Correspondent

MUMBAI MAY 2. Great Eastern Shipping Company has announced a net profit of Rs. 227.29 crores for the year ended March 2003 against Rs. 197.19 crores in the previous year. The directors have maintained the dividend at Rs. 4 per share.

Total income from operations and sales was Rs. 963.96 crores (Rs. 1,172.43 crores), gain on sale of ships Rs. 15.98 crores (Rs. 58 lakhs) and other assets Rs. 9.75 crores (nil), giving a total income of Rs. 1,015.64 crores (Rs. 1,196.35 crores).

The company provided Rs. 39 crores (Rs. 50.27 crores) for interest, Rs. 167.96 crores (Rs. 201.73 crores) for depreciation, Rs. 8.50 crores (Rs. 26 crores) for deferred tax and Rs. 20.74 crores (Rs. 19.28 crores) for current tax.

For the year, the shipping division contributed around 72 per cent to operating income and 68 per cent to profit before tax and interest whereas the offshore division contributed around 25 per cent to operating income and 23 per cent to profit before tax and interest.

For the fourth quarter ended March 2003, the net profit was Rs. 93.11 crores (Rs. 24.18 crores) on a total income of Rs. 281.85 crores (Rs. 258.45 crores).

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