Great Eastern Shipping Q2 Profit Falls About 24 Pct
Great Eastern Shipping (GES) Company posted a 23.9 per cent decline in consolidated net profit at Rs 268.7 crore ($40 million) for the second quarter ended September 30, 2016, reports PTI.
The company had posted a consolidated net profit after tax of Rs 353.5 crore in the corresponding quarter of previous fiscal, Great Eastern Shipping said in a BSE filing.
GE Shipping took a delivery of a Secondhand Capesize Dry Bulk Carrier (Year built: 2011) named “Jag Anand” of DWT 179250 MT on July 14, 2016. It took delivery of a newly built Kamsarmax Dry Bulk Carrier named “Jag Aalok” of DWT 82023 MT on July 29, 2016.
GES also took delivery of a Medium Range Product Tanker named “Jag Pooja” (Year built: 2005) of DWT 48539 MT on August 10, 2016 and took delivery of a newly built Kamsarmax Dry Bulk Carrier named “Jag Akshay” of DWT 82023 MT on August 29, 2016.
The company has two main businesses — shipping and offshore.
The shipping business is involved in transportation of crude oil, petroleum products, gas and dry bulk commodities.
The offshore business provides services to the oil companies in carrying out offshore exploration and production activities, through its subsidiary Greatship (India) Ltd.
