Great Eastern Shipping reports loss of Rs 12 crore on higher expenses
Mumbai (Maharashtra) [India], May 30 (ANI): Great Eastern Shipping Co Ltd on Saturday reported a loss of Rs 12.5 crore in the quarter ended March against a profit of Rs 135.6 crore in Q4 FY19.
ANI
May 30, 2020 17:56 IST
Mumbai (Maharashtra) [India], May 30 (ANI): Great Eastern Shipping Co Ltd on Saturday reported a loss of Rs 12.5 crore in the quarter ended March against a profit of Rs 135.6 crore in Q4 FY19.
This was despite a higher revenue of Rs 809 crore in Q4 FY20 as compared to Rs 757 crore in Q4 FY19. Total expenses went up from Rs 645 crore to Rs 907 crore in the same period.
The shipping and offshore operations of the Group have continued with minimal disruption following the Covid-19 lockdown. Certain operational challenges arising due to the lockdown including the movement of manpower and materials are being appropriately addressed, said India's largest private sector shipping company.
The board of directors has declared an interim dividend of Rs 2.70 per share for the year ended on March 31 to equity shareholders. The record date fixed for the purpose of ascertaining the shareholders eligible for receiving an interim dividend is June 10. The interim dividend will be paid to the shareholders on or after June 17.
The board has also approved the issue of non-convertible debentures up to an amount not exceeding Rs 1,000 crore by way of private placement during the year.
The company has two main businesses. The shipping business is involved in the transportation of crude oil, petroleum products, gas and dry bulk commodities.
The offshore business services to the oil companies in carrying out offshore exploration and production activities through its subsidiary Greatship India Ltd.
(ANI)
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