Processing .....please wait.. 
The article has been forwarded.... 
GE Shipping posts Rs 240 Cr Q3 revenue
Friday, 17 January 2003, 20:30 IST
MUMBAI: The Great Eastern Shipping Company Ltd. (GE Shipping) reported a total revenue of 
240.91 crores and a net profit of 47.74 crores for the third quarter ended December 31, 2002, a decrease of 18% in total revenue and 32% in net profits respectively.
For the nine month period ended December 31, 2002, on a total income of 733.79 crores net profits were 134.18 crores as against 937.9 crores and 173.01 crores respectively in the corresponding period of the previous year.
For the quarter, shipping division contributed 74% to the operating income and 77% to the profits before tax and interest whereas offshore division contributed around 24% to the operating income and 18% to the profits before tax and interest, the company announced in an official release Friday.
"Economic indicators are suggesting that the global recovery is yet to gain the desired momentum. However, due to other fundamental developments influencing the market, freight rates seem to remain stable in the short run," a company spokesperson said.
"The dry bulk segment is expected to stay buoyant in the near future mainly due to strong steel and steel related trade and lower fleet supply. As regards wet bulk, where huge influx of tonnage is expected, market may remain firm if not at current highs. Recent gas discoveries by leading E & P operators should foretell a promising future in the offshore sector once the fields are fully developed."
Source: IANS
240.91 crores and a net profit of 47.74 crores for the third quarter ended December 31, 2002, a decrease of 18% in total revenue and 32% in net profits respectively.
For the nine month period ended December 31, 2002, on a total income of 733.79 crores net profits were 134.18 crores as against 937.9 crores and 173.01 crores respectively in the corresponding period of the previous year.
For the quarter, shipping division contributed 74% to the operating income and 77% to the profits before tax and interest whereas offshore division contributed around 24% to the operating income and 18% to the profits before tax and interest, the company announced in an official release Friday.
"Economic indicators are suggesting that the global recovery is yet to gain the desired momentum. However, due to other fundamental developments influencing the market, freight rates seem to remain stable in the short run," a company spokesperson said.
"The dry bulk segment is expected to stay buoyant in the near future mainly due to strong steel and steel related trade and lower fleet supply. As regards wet bulk, where huge influx of tonnage is expected, market may remain firm if not at current highs. Recent gas discoveries by leading E & P operators should foretell a promising future in the offshore sector once the fields are fully developed."
Source: IANS