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HomeMaritime NewsRegionsAsiaVarun Shipping records marked improvement in Q3 profit

Varun Shipping records marked improvement in Q3 profit

Varun Shipping records marked improvement in Q3 profit
Mumbai: Varun Shipping recorded marked improvement in third quarter net profit while revenue remained steady compared to a year ago. The India-based shipping company posted net profit of INR825m ($16.7m) in the quarter ended 31 December 2011, up from INR118.2m in the same period of 2010.

Quarter-on-quarter, however, profit fell 17.5% from INR1bn in the second quarter.

The year-on-year rise in third quarter net profit was largely boosted by almost 50% reduction in expenses on bunker costs and hire of inchartered ships.

Varun Shipping registered revenue of INR2bn in the third quarter, a slight drop from INR2.2bn recorded a year earlier.

The company presently owns and/or operates a well diversified fleet of 21 vessels comprising of 11 LPG carriers, three double hull aframax crude tankers and seven anchor handling towing supply (AHTS) vessels.

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