GE Shipping Q3FY13 consolidated net profit up by 119%

India's Great Eastern Shipping improved its profit for the third quarter ended 31 December 2012, said in a press release. Compane recorded third quarter net profit of INR1.91bn ($35.88m) compared to INR874m in the corresponding period of 2011. Revenue also rose to INR8.8bn compared to INR8.36bn a year earlier.

GE Shipping said it managed to cut operating expenses to INR4.39bn during the quarter compared to INR5bn a year ago.
During the quarter GE Shipping placed an order for 1 new building Medium Range Product Tanker (about 50,000dwt) to be built at STX (Dalian) Shipbuilding Co. Ltd., China. The contract also includes the option to add more ships at a later date. The tanker is expected to join the Company’s fleet in Q4FY2015.