GE Shipping sees weaker results in Q3GE Shipping sees weaker results in Q3

The group's consolidated net profit was slashed to INR1.02bn ($16.33m) in the quarter ended 31 December 2013, down 46.9% from INR1.92bn in the corresponding period of the previous year.

Revenue also dropped 10.1% year-on-year to INR7.93bn.

GE Shipping's shipping segment recorded profit before tax of INR618.9m while the offshore segment registered INR1.29bn.

During the quarter, the company ordered three new kamsarmax dry bulk carriers of 82,000 dwt each to be built at Jiangsu New Yangzi Shipbuilding in China. The newbuildings are expected to join the company's fleet in the second quarter and third quarter of 2016.

To date, GE Shipping boasts a fleet of 22 oil tankers and eight bulkers. Its subsidiaries also own and operate 21 offshore vessels and three jack-up rigs.