Mumbai: Leading engineering company Larsen & Toubro (L&T) has seen its first-quarter profit more than double on a surge of orders for shipbuilding and power station construction, reports Bloomberg. The company saw its net income rise to Rs 3.77bn ($93m) in the three months ended June 30 up from Rs1.57bn in 2006.
Last month L&T secured a $95m order for the construction of two ships for Netherlands' BigLift Shipping. The vessels are to be built at the company's engineering complex at Hazira in Gujarat.
"Growth momentum both in terms of revenue and profitability will be maintained in the near to medium term,'' L&T said in an e-mailed statement. The company's shipbuilding division currently builds vessels up to 20,000dwt, but has announced plans for a bigger yard to build larger vessels. [19/07/07]
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