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Our Bureau

Mumbai April 29

Great Eastern Shipping has reported a jump of 36 per cent in net profit in the fourth quarter of last fiscal to touch Rs 252 crore. The total income during the quarter was up 19 per cent at Rs 571 crore.

The net profit for the whole of last fiscal was Rs 809 crore, a 72 per cent increase, while the turnover stood at Rs 2,119 crore, an increase of 48 per cent.

The board of directors of the company has proposed a final equity dividend of Rs 3 per share, resulting in an outflow of Rs 65.11 crore. The total dividend was Rs 9 per share, which would result in an outflow of Rs 194.24 crore.

While the shipping division contributed 79 per cent of its total revenue, the offshore division contributed 16 per cent.

According to Mr Bharat Sheth, Managing Director, the performance during the year was primarily due to rise in shipping tonnage by about 22 per cent. "During the year, crude carriers registered a 20 per cent rise at an average TCY (Time Charter Yield) earning of about $37,866 per day, against $18,977 per day in the previous fiscal."

The company has a capital expenditure programme of $400 million involving purchase of 16 vessels.

Mr Sheth said as on April 30, 2005, crude oil tankers, product tankers and dry bulk carriers were covered to the extent of about 47 per cent, 70 per cent and 22 per cent of the operating days, respectively for 2005-06.

"This has resulted in revenue visibility for the shipping division of about Rs 705 crore for the balance period of the current fiscal, covering the operating cost of the entire shipping fleet by 1.4 times," he said.

On the offshore division, Mr Vijay Sheth, Managing Director, said the offshore oil field services sector witnessed increased activity globally. "The prospects for the offshore oil field services are expected to improve, keeping in mind the plans of most of the exploration and production majors operating in the country. The Government has declared that the fifth round of NELP will be would up by May end in a record period of four months," he pointed out.

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