Great Eastern Shipping Net Profit Jumps Nearly Four-fold To Rs 721.94 Cr

Great Eastern Shipping Company Ltd (GE Shipping), the country's largest private ship liner, on Friday reported a nearly four-fold jump in its consolidated net profit to Rs 721.94 crore in the March 2023 quarter.

GE Shipping had posted a profit of Rs 188.97 crore in the year-ago period, the company said in a BSE filing.

Its total consolidated income during the quarter under review rose to Rs 1,550.72 crore as against Rs 983 crore in the corresponding quarter a year ago.

Total expenses during January-March increased to Rs 853.22 crore as compared with Rs 791.85 crore in the year-ago quarter.

The company in its earnings presentation said crude and product tanker spot earnings remain elevated led by trade disruptions caused by the Russia-Ukraine war.

EU's embargo on Russian imports has further boosted ton-miles growth, it added.

The company's board has declared a fourth interim dividend of Rs 9 per equity share of Rs 10.

"While we continue to enjoy the strong rates in the tanker market, we must keep in mind that recessionary pressures may be building up in some advanced economies," GE Shipping's deputy chairman and managing director Bharat K Sheth said.

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