ABG's profit plunges 60%

The Indian shipbuilder posted a profit of INR186.2m ($3.46m) during the quarter compared to a profit INR464.7m in the corresponding period of 2011.

Revenue for the country's largest private shipbuilder also fell 24% year-on-year during the period.

Dhananjay Datar, chief financial officer of ABG Shipyard, is hoping to see a revival of the shipbuilding subsidy provided by the Indian government.