The Hindu Business Line : Great Offshore net profit rises 68%

Great Offshore Ltd on Friday reported a 68 per cent jump in net profit for the quarter ended March 31 2009 to touch Rs 71.35 crore from Rs 42.39 crore in the year-ago period.

During the quarter, its total income clocked Rs 269.65 crore (Rs 203.79 crore).

The company said in a statement that given the significant downturn in the economy, the Board of Directors has decided to conserve cash and, therefore, recommended a modest equity dividend of Rs 2.50 a share for the financial year 2008-09.

This will assist the company in preparing for an opportune time for any further expansion in tonnage due to reduction in new builds/second-hand prices.

Fleet

The outgo on this account is Rs 10.86 crore, including tax on dividend resulting in a dividend payout ratio of around five per cent.

As on March 31, 2009 the fleet of 41 vessels comprise two drilling units, a construction barge, 27 diverse offshore support vessels and 11 harbour tugs.

The company said there has been a delay in the delivery of the jack-up rig.

Efforts are, however, underway to minimise the consequences of this delay.

The delivery of the multi support vessel is also expected to be deferred to 2010-11 due to amendments in the design incorporating improved safety requirements for enhancing marketability of the asset globally,” the statement added.

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