Aban Offshore has reported a higher consolidated net profit for the third quarter of the current year, but that was only because in the comparable quarter of last year, the company had incurred a loss of Rs 43 crore on the sale of its shares in one of its special purpose vehicles (SPVs).

Net profit for the quarter ended December 2011 amounted to Rs 73.14 crore compared with Rs 62.01 crore. (However, net profit was lower than in the previous quarter, ending September 2011.)

Notably, on a standalone basis, Aban sustained a loss of Rs 54 crore, compared with a profit of Rs 57 crore in October-December 2010. Obviously, the company's international operations, undertaken through special purpose vehicles, have been more profitable than domestic business.

Consolidated revenues improved to Rs 865 crore, from Rs 778 crore in the comparable quarter of last year, and Rs 726 crore in the previous quarter (Sept 2011).

Interest costs rose to Rs 257 crore, from Rs 232 crore previously.

Commenting on the results, the company's Deputy Managing Director and Secretary, Mr C. P. Gopalakrishnan, told Business Line on Tuesday that the performance in the third quarter was broadly in line with expectations.

On the NSE today, the Aban share, of face value of Rs 2, closed at Rs 445.50, which was Rs 4, or 0.91 per cent, higher than the previous close.

mramesh@thehindu.co.in

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