Mumbai, Oct 20: Great Eastern Shipping has registered a rise in its net profit to Rs 48.27 crore for the second quarter of the current fiscal, from Rs 35.04 crore in the corresponding period last year. Much of this (Rs 38 crore) came from gains made on the sale of ships and other assets. For the half year, however, the net profit was a tad lower at Rs 68.28 crore, down from Rs 68.81 crore for the same period last year.For the first half, the turnover has dropped to Rs 416.98 crore, from Rs 459.54 crore. The operating profit stood at Rs 188.51 crore, up from Rs 127.14 crore for the first half of last year. Of this, Rs 158.98 crore came from the shipping operations, Rs 26.25 crore from offshore, Rs 5.56 crore from property development, and Rs 10 crore from others.
While gains on sale of ships were considerably higher in the first half of the current fiscal at Rs 42.94 crore, other income was much lower at Rs 13.65 crore, down from Rs 37.54 crore for the first half last year.
The total expenditure fell to Rs 285.06 crore, from Rs 307.37 crore. The interest cost was also lower at Rs 27 crore, down from Rs 29.34 crore for the same period last year. Depreciation stood at Rs 82.99 crore in the current half (Rs 76.59 crore).
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