GE Shipping Q1 net up 11% on Forex gains; revenues dip
Written by admin on July 30th, 2010 in Forex Market in India.
India Friday 30 July 2010 - Despite a dip in revenues, Great Eastern Shipping today reported 11 per cent jump in net profit at Rs 171.80 crore on foreign currency gains during the quarter ended June 30, 2010, over the same period last fiscal.
The company had posted a consolidated net profit of Rs 154.17 crore during the same quarter of 2009-10.
GE Shipping’s consolidated revenues, however, were down 18.9 per cent at Rs 688 crore during the April-June quarter this fiscal, as against Rs 840 crore in Q1 of FY10.
“Gain on foreign currency transactions (net) for the quarter ended June 30, 2010 includes a non-cash gain of Rs 40.47 crore on revaluation of the outstanding foreign currency bank balances and debtors/creditors,” the company said in a filing to the stock exchanges.
In the same quarter last year, the company had recorded a loss of Rs 92.99 crore, the company statement added.
GE Shipping’s offshore services unit Greatship (India) Ltd has filed a draft red herring prospectus (DRHP) with market regulator Securities and Exchanges Board (Sebi) to raise up to $100 million by selling 22.05 million shares in an initial public offering.