Great Eastern Shipping has reported a nearly four-fold increase in its consolidated net profit for the quarter ended March 31, 2012 at Rs 39.19 crore against 10.78 crore in the year-ago period.
The increase in profit was despite a fall in charter rates due to a slump in freight markets. However, an increase in revenue days helped boost the revenues. Also in the year-ago quarter, the company had incurred losses on sale of some assets.
During the quarter, income from operations rose 36.6 per cent to Rs 822.28 crore from Rs 601.61 crore in the corresponding quarter of the previous fiscal. Total revenue days were 3,205 (2,850).
The revenue visibility for the balance part of the current fiscal is about Rs 274 crore, the company said.
Great Eastern’s fleet of crude tankers and product carriers are covered to the extent of 46 per cent and 29 per cent of their operating days, respectively.
In the case of dry bulk carriers, the vessels are covered to the extent of 20 per cent of the fleet’s operating days.