The Hindu Business Line : Great Eastern net down 16.5%

The company, however, gained from exceptional items (which included foreign exchange gains) to the tune of Rs 138.57 crore, against a loss of Rs 40.96 crore in the previous fiscal. For 2008-09, GE Shipping reported a consolidated net profit of Rs 1,417.83 crore, down 2.44 per cent from Rs 1,453.35 crore in the year-ago period.

On a standalone basis,it reported a net profit of Rs 1,384.82 crore, up 2.06 per cent. Total income stood at Rs 3,083.47 crore in FY’09.

The company has a capital expenditure commitment of Rs 2,715 crore, which will result in additional tonnage of about 0.83 million dwt (dead weight tonnage).

On the current scenario in dry bulk segment, Mr Bharat Sheth, Deputy Chairman and Managing Director, said there was a significant reduction in steel production all over the world.

“This is likely to result in lower movement for coal, iron ore and steel,” he added at a conference call with analysts.

As for the tanker segment, Mr Sheth said the demand outlook for oil in 2009 seemed weaker than 2008.

“Contraction in world output is likely to depress energy consumption and high fleet growth will continue to put pressure on rates and utilisation level for this segment,” he said.

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Great Eastern net down 16.5%