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Great Eastern Shipping Company Ltd (GE Shipping) today reported a whopping 97.8 per cent jump in consolidated net profit at Rs 160.63 crore for the quarter ended September 30, 2013 on higher revenues and forex gains. The company’s net profit in the corresponding quarter of last fiscal was Rs 81.20 crore.
The consolidated total income from operations of the company during the July—September quarter was Rs 773.83 crore, registering a jump of 16.3 per cent. The company’s total income from operations was Rs 665.34 crore in the corresponding quarter of the last fiscal.
The total expenses of the company came down to Rs 382.24 crore, over Rs 399.71 crore in the same period of previous year. The company had forex gains of Rs 74.37 crore in July-September quarter.
“Gain/(Loss) on Foreign Currency Transactions/Translation (net) for the quarter ended September 30, 2013 includes an unrealised loss of Rs 32.48 crore against an unrealised loss of Rs 129.06 crore for the quarter ended September 30, 2012 on revaluation of the outstanding foreign currency bank balances and debtors/creditors,” it said.
“The corresponding figure for the six months ended September 30, 2013 was a gain of Rs 70.27 crore against a loss of Rs 50.27 crore for the six months ended September 30, 2012,” the company added.
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