Great Eastern Shipping Q4 turns around to net profit of Rs49cr on derivative contract losses in Mar-20 quarter

Great Eastern Shipping reported -26.68% yoy fall in consolidated revenues for the Mar-21 quarter at Rs739.95cr. On a yoy basis, the offshore business was down -20% at Rs166.5cr while the shipping business was also down -25% at Rs640cr.

The shipping business took a hit on account of a sharp fall in shipping volumes and also a major shortage of containers in the last quarter. That resulted in a sharp fall in shipping revenues during the quarter.

The net profit in the quarter turned around to a profit of Rs49cr from a net loss of Rs-50.7cr. This was largely due to the company reporting derivative profits of Rs54.3cr in the Mar-21 quarter compared to a derivate loss of Rs-238cr in the Mar-20 quarter.

Net profit margins were sharply lower on a sequential basis at 6.62% compared to 23.41% in Dec-20 quarter.
Source: India Infoline News Service