GE Shipping net up 35% to Rs 44 crore

Our Corporate Bureau

Mumbai, Oct 31: The Great Eastern Shipping Company (GE Shipping) has registered a 35.27 per cent increase in net profit to Rs 44.3 crore for the second quarter ended September 30, 2001, as compared to Rs 32.75 crore for the corresponding quarter last year.

Total income during the period has gone up to Rs 301.79 crore from Rs 251.52 crore last year. The company, in a notice to the BSE, informed that it has acquired one 1995 built panamax bulk carrier and one 1989 built harbour tug at the aggregate cost of $ 15.72 million during the quarter.

The softening of the tanker rates slightly, and the dry bulk rates to a large extent has resulted in the net profits dipping as compared to the preceding quarter.