Bharati Shipyard Q2 net up 103%

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New Delhi, Nov 5 (UNI) Country's largest private shipyard, Bharati Shipyard Ltd (BSL) today recorded a 103 per cent jump in net profit for the quarter ended September 30, 2007 to Rs 25.75 crore as compared to Rs 12.65 crore during the corresponding period last fiscal.

Net sales rose by 96 per cent to Rs 148.03 crore as against Rs 75.48 crore during the period under review.

Net profit during the six month period ending September 30, 2007, saw a 94 per cent jump to Rs 47.98 crore compared to Rs 24.77 crore in the corresponding period last year.

Net sales during the period stood at Rs 295.19 crore from Rs 142.79 crore recorded in the same period of last fiscal, a hike of 107 per cent.

''We signed a 50:50 joint venture agreement with Apeejay Shipping for setting up large modern shipbuilding yard along the Eastern Coast, won repeat order of 44.03 million dollars from UP Offshore (Bahamas) Ltd, and also won a repeat order of 43.40 million dollars from Sea Cargo Skips, Norway,'' the company said in a statement.

The company's current book order is at Rs 4,080 crore, it added.

''Our healthy order book position and better execution of orders as on September 2007, which has almost doubled to Rs 4,080.11 crore as compared to Rs 2,317.36 crore as on September 2006 has contributed to our topline growth,'' said company Managing Director P C Kapoor.

The order book pending execution stands at Rs 3,331.57 crore as on September 2007 as compared to Rs 1,838.39 crore as on September 2006.

The capital expansion at our yards and consequent increase production has resulted into the growth of our turnover and profitability, he added.

UNI

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