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GE Shipping posts slight drop in Q1 earnings

GE Shipping posts slight drop in Q1 earnings
India’s Great Eastern Shipping (GE Shipping) has posted a marginal fall in first quarter earnings, but revenue from its offshore segment has improved.

Net profit in the quarter ended 30 June 2014 fell slightly to INR2.23bn ($36.42m) compared to INR2.45bn in the previous corresponding period, GE Shipping announced.

Revenue also dipped by 1.3% year-on-year to INR9.06bn.

GE Shipping’s shipping division recorded a revenue decrease of 7.8% year-on-year to INR5.05bn, but its offshore business generated a revenue increase of 7.1% year-on-year to INR4.35bn.

During the first quarter, GE Shipping sold one 1996-built product tanker Jag Padma and one 1990-built VLGC Jag Vidhi. The company also took delivery of one 1994-built VLGC Jag Vishnu.

The offshore division saw no sale and purchase activities during the quarter, maintaining a fleet of 21 OSVs and three 350-feet jack-up rigs.