Profit surge for Bharati Shipyard

Mumbai: India's Bharati Shipyard announced a substantial 33.5% increase in net profits for the quarter ended June 2008 to Rs296.8m ($6.9m) as a result of increased orders and income from its new operations, it said in a statement late on Monday.

Its new Rs6bn ($140m) plant at Dabhol in Maharashtra is slated to be fully operational by 2010 and will feature both rig-making and ship-repair facilities. The yard has already begun filling its orderbook and has substantially contributed to the company bottom line.

Total income for the quarter also saw a 41.6% increase to Rs2,225.16m.  [30/07/08]