GE Shipping down in the red

Great Eastern Shipping is down in the red today. The stock, which had closed yesterday at Rs.316.25, went down to an intra day low of Rs.301.75 and is now at Rs.308 levels, down some 2.5%.

The company posted a very disappointed set of numbers for Q4FY16. It reported a 57% (YoY) decline in consolidated net profit at Rs.58 crore though its total income rose 7% at Rs.968 crore.

The fall in profit was on account of heavy impairment charges of Rs.144 cr9re and this was due to a sharp fall in asset values and earnings in the offshore oilfield services market.

EBITDA for the quarter was up 37% at Rs.1153 crore and margin improved from 41.83% to 50.59% (QoQ).

The company’s debt has come down 6% to Rs.2884 crore.

GE Shipping ended the fiscal FY16 with a consolidated net profit of Rs.1039 cror, up 40% on a 10% increase in revenue at Rs.4078 crore.