India-based Varun Shipping returned to the black in the first quarter ended 30 June 2012, Seatrade Asia online reports.
Varun Shipping generated net profit of INR1.45bn ($26m) as against a net loss of INR353m in the same period of 2011.
First quarter revenue improved to INR1.54bn compared to INR1.33bn a year ago.
The company, which operates a mix fleet of tankers, LPG carriers and offshore vessels, managed to cut down on its expenditures to INR819m during the quarter from INR1.33bn in the corresponding period of last year.
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