Varun shipping net profit down to Rs 1413.50 million

Mumbai, May 3 (UNI) Leading Cargo carrier in the country Varun shipping company limited today showed its annual net profit as Rs 1413.50 million, registering a decline from the past years profit of Rs 1808.92 million.

The company, which transports an approximate 77 per cent of LPG cargoes imported to the country by public sector undertakings, figered out the lowered freight rates in present year as the reason of the net profit fall, which has come about due to weak winter across northern hemisphere.

The income from operations for the year ended March 31, has registered a growth from Rs 6429.32 million past year to Rs 6726.27 for the current year.

The slowdown faced in profits was also visible in the earnings per share(EPS). For the full year, basic EPS stood at Rs 11.26 as compared to past year's Rs 15.82.

Announcing the results, Yudhishthir Khatau, MD of Varun Shipping said the company has contracted to purchase an Anchor handling towing and supply vessel(AHTS) and one very large gas carrier (VLGC), which are expected to be delivered to the company during May and June, 2007 respectively.

This apart, the company is on the look out for more suitable vessels to acquire to fulfill its USD 400 million expansion plans, said Khatau.

The company will have 21 vessels under its fleet with the acquisition of the two vessels.

UNI