Shreyas shipping profits down BY 50.7 Mn

Mumbai, June 1 (UNI) Around 32 percent fall in the International chartered revenues has resulted in a dip of Rs 50.7 million in Shreyas shipping net profits, which is at Rs 293.9 millions from the past year margin of Rs 344.7 million.

However, a growth of 21.24 percent in logistics segment has added thrust to the company's move to shift into the Logistics sector, said MD S.Ramakrishnan.

''The yearly profit has met a dip due to the fall in International charter index in 2006 as compared to 2005. This is the result of our deliberate strategy to diversify into logistics business and thereby insulating the company from the vagaries of the shipping market'', he said.

Meanwhile, Company's total income increased up to Rs 2367.9 millions as against Rs 1686.8 million last year following the better performance in logistics part.

The company has reported a 42 percent increase in net tonnage which rose to 5927 twenty equvialent foots(TEUs) as against 4170 TEUs last year.

The gains in FY08 include acquisition of three container vessels making the total fleet size to seven.

Shreyas' bid to shift its operations largely in to logistics may prompt its competitors to follow the path, said industry experts.

''In financial year 2008, we plan to re-balance the company's revenue streams with income from logistics accounting for 75 percent of the total operating income and the balance 25 percent being accounted for by shipping operations.'', said company sources.

UNI