"GE SHIPPING" Strong Q3 numbers

Smooth sailing for GE Shipping on strong Q3 numbers

Great Eastern Shipping Company gained 1.19% to Rs 411.10 at 14:03 IST on BSE, on reporting 77% surge in net profit to Rs 293.57 crore in Q3 December 2007 over Q3 December 2006.

The results were announced during trading hours today, 29 January 2008.

Meanwhile, BSE Sensex was down 10.44 points or 0.06% to 18,142.34.

On BSE, 61,501 shares were traded in the counter. The scrip had an average daily volume of 1.27 lakh shares in the past one quarter.

The stock hit a high of Rs 424.95 and a low of Rs 400.05 so far during the day. The stock had a 52-week high of Rs 572 on 31 December 2007 and a 52-week low of Rs 185 on 19 March 2007.

The mid-cap scrip had underperformed the market over the past one month 28 January 2008, declining 27.53% compared to the Sensex’s decline of 10.17%. It had also underperformed the market in the past one quarter, declining 18.31% compared to Sensex’s decline of 8.24%.

The company’s current equity is Rs 152.27 crore. Face value per share is Rs 10.

The current price of Rs 411.10 discounts Q2 September 2007 annualized EPS of Rs 90.05 by a PE multiple of 4.57.

Great Eastern Shipping Company’s total income has increased 43.2% to Rs 744.28 crore in Q3 December 2007 over Q3 December 2006.

On 8 January 2008, Great Eastern Shipping Company signed a contract to sell Jag Akshay, a Panamax dry bulk carrier.

On 18 December 2007, the company signed a contract with SPP Shipbuilding Co, Korea for acquiring two new Kamsarmax dry bulk carriers.

The company has two main businesses, shipping and offshore. The shipping business is involved in 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 wholly owned subsidiary Greatship (India).