Great Eastern Shipping today reported a 35.36 per cent rise in its consolidated net profit to Rs 244.98 crore for the quarter ended June 30, 2013, due largely to lower operating costs and decline in interest outgo.

Besides, the company board today also approved buy back of shares “up to an aggregate amount of Rs 279 crore, being 5.53 per cent of the total paid-up equity capital plus free reserves” at a maximum price of Rs 279 per share, GE Shipping said in a filing to the BSE.

The company had reported a net profit of Rs 180.99 crore in the corresponding quarter of the previous fiscal.

Its total income from operations, however, declined by 8.75 per cent to Rs 736.42 crore during the quarter vis-a-vis Rs 807.02 crore of the Q1FY’13.

The company’s total expenditure, including depreciation, amounted to 75.28 per cent of its total income at Rs 554.34 crore during the quarter as its cost on hiring of chartered ships/equipments declined by over 82 per cent to Rs 21.57 crore.

During the corresponding quarter of the previous fiscal, GE Shipping’s total expenditure was nearly 83 per cent of its total income at Rs 669.41 crore.

Besides, its finance cost was down over 23 per cent to Rs 91.52 crore during the quarter.

Following the results, GE Shipping shares were up 0.68 per cent at Rs 237 a piece on the BSE at 1417 hours.

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