Great Eastern Shipping Company on Friday reported a multifold jump in consolidated net profit at Rs 457.04 crore for June quarter 2022-23 on the back of higher income.
The company had logged a net profit of Rs 12.36 crore in first quarter of 2021-22.
Total income from operations increased to Rs 1,397.64 crore in the quarter under review from Rs 801.39 crore a year ago, it said in a BSE filing.
Total expenses also rose to Rs 947.30 crore from Rs 796.37 crore.
Segment wise, the shipping sector contributed Rs 1,198.87 crore revenue while offshore sector’s contribution stood at Rs 205.79 crore.
The company also declared first interim dividend of Rs 5.40 per share for 2022-23.
Commenting on the result, company’s Managing Director Bharat K Seth said strong cash flows from business, coupled with an increase in asset values, resulted in a significant increase in net asset value of the quarter.
The company has two main businesses namely shipping and offshore.
The shipping business is involved in transportation of crude oil, petroleum products, gas and dry bulk commodities.
GE Shipping is India’s largest private sector shipping service provider.
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