GE Shipping Q4 net profit down 81 per cent at Rs97 crore
22 May 2010
Great Eastern Shipping Company Ltd (GE Shipping) has reported an 81 per cent fall in its net after-tax profit during the quarter ended 31 March 2010, at Rs97.40 crore, against Rs250.05 crore during the quarter ended 31 March 2009.
Total income of the company was marginally lower at Rs568.83 crore during the quarter ended 31 March 2010 against Rs569.81 crore in the quarter ended 31 March 2009.
The company's net profit after tax was also down at Rs395.75 crore during the year ended 31 March 2010 against Rs1,384.82 crore during the previous financial year (ended 31 March 2009). Total income of the company decreased to Rs2,245.40 crore during the year ended 31 March 2010 from Rs3,283.17 crore during the year ended 31 March 2009, audited results showed.
The board of directors of GE Shipping, at its meeting held on 22 May 2010, recommended a final dividend of Rs8 per equity share for the financial year 2009-10. The final dividend, if approved by the shareholders, will be paid on or after 29 July 2010, the company informed the BSE in a filing.
The group has posted a consolidated net profit after tax of Rs512.76 crore during the year ended 31 March 2010 against Rs1,417.83 crore during the year ended 31 March 2009. Total income for the 2009-10 financial year decreased to Rs3,322.21 crore during the year ended 31 March 2010 against Rs4,274.21 crore during the year ended 31 March 2009, audited consolidated results for the year ended 31 March 2009 showed.
However, unaudited results for the quarter ended 31 March 2010 showed a - rise in consolidated profits of the group at Rs1,55.73 crore during the quarter ended 31 March 2010 against Rs125.52 crore during the quarter ended 31 March 2009. Total income of the company increased to Rs838.69 crore during the quarter ended 31 March 2010 from Rs803.12 crore during the quarter ended 31 March 2009.
The board, subject to approval of shareholders at the ensuing annual general meeting, also re-appointed K M Sheth, executive chairman, Bharat K Sheth, deputy chairman and managing director and Ravi K Sheth, executive director for a period of 5 years effective 1 April 2010.