GE Shipping posts Rs 225 cr profit for Sep qtr

Offshore assets under term contracts with reputed customers continue to operate as per original contracts, it said and added that for shipping, the impact of COVID-19 pandemic has been different across different types of assets.

Great Eastern Shipping Company Ltd (GE Shipping) on Thursday reported a Rs 225.44 crore profit on a consolidated basis for the quarter ended September. The country's largest private ship liner had posted a loss of Rs 18.93 crore in the year-ago period, the company said in a BSE filing.

Its total income during the quarter under review decreased to Rs 802.18 crore, as against Rs 854.95 crore in the corresponding quarter a year ago. Total expenses during July-September declined to Rs 567.40 crore, compared to Rs 864.77 crore in the year-ago quarter.

"The shipping and offshore operations of the Group have continued, albeit with some disruptions and additional cost due to COVID-19. Operational challenges including movement of manpower and materials are being appropriately addressed by the Management," it said. Offshore assets under term contracts with reputed customers continue to operate as per original contracts, it said and added that for shipping, the impact of COVID-19 pandemic has been different across different types of assets. "The volatility of freight rates has been higher than usual in some cases, but ships have continued to be deployed. Such temporary higher volatility in the market has not materially impacted estimates of long-term rates considered in assessing recoverable amounts of the property, plant and equipment," it said.

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