Date:30/10/2004 URL: http://www.thehindubusinessline.com/2004/10/30/stories/2004103001580300.htm

Back GE Shipping Q2 net doubles to Rs 167 cr

Our Bureau

Mumbai , Oct. 29

STRONG freight market sentiments have enabled Great Eastern Shipping to post a net profit of Rs 167.18 crore in the second quarter of the current fiscal, as against Rs 80.12 crore in the corresponding quarter of last fiscal, representing an increase of 109 per cent.

During the quarter, the company's income stood at Rs 497.78 crore, as against Rs 291.6 crore in the corresponding quarter of last fiscal, representing an increase of 71 per cent.

The shipping division, which contributed 77 per cent of the company's revenue, registered a 29 per cent increase in revenue days due to tonnage addition of 1.16 million DWT.

While crude carriers earned an average rate of $26,539 per day (against $18,440 per day in the corresponding quarter), the product tankers earned an average of $14,466 per day (against $12,756 per day in the corresponding quarter).