Mumbai, Apr 19: Varun Shipping Company Ltd has posted a net profit of Rs 180.89 crore for the year ended March 31, 2006 as against Rs 81.69 crore in the previous year, resulting in an increase of 121 per cent over the previous year.
Announcing the results, the company's Chairman&Managing Director Arun Mehta said the income from operations for the year under review rose to Rs 642.93 crore as compared to Rs 388.96 crore in the previous year.
He ascribed the increase in profit to major expansion of the company's fleet, continued buoyancy in freight rates for LPG carriers and better utilisation of company's vessels.
It has recommended a final dividend of 15 per cent for the current year, in addition to the two interim dividends of 15 per cent each already paid earlier. This works out to 45 per cent as against 30 per cent in the previous year, said Mr Mehta.
Currently, the company owns and operates a diversified fleet of 19 vessels including a fleet of 11 LPG carriers.