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Varun Shipping md optimistic despite 70% profit drop

Varun Shipping md optimistic despite 70% profit drop

Mumbai: Varun Shipping md Yudhishthir Khatau believes that the energy and offshore markets may show an upward swing by the end of this year following signs of improvement in global financial markets. This statement comes despite a 70% decrease in its Q2 net profit to Rs 13 crore versus Rs 44 crore seen the year before. Net sales showed a slower decline, down to Rs 206 crore from the Rs 256 crore seen in 2008.

Khatau attributed the loss to a primarily to a decline in freight rates in the crude tanker market, fuelled by the global recession as well as lower utilisation in the gas markets. The md was reticent to forecast results for the rest of this year as half of the company's fleet is active in the volatile spot market.  [29/10/09]

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