Varun Shipping fell into a net loss in the first-quarter after its revenue was almost halved. The Mumbai-listed firm posted a net loss of INR352.5m ($7.8m) in the quarter as against a net profit of INR235.5m in the same quarter a year earlier, Seatrade Asia online reports. The tanker and LPG carrier owner recorded revenue of INR1.32bn compared to INR2.41bn in the corresponding quarter of 2010.
During the quarter, Varun sold one crude carrier and one anchor handling towing and supply vessel (AHTS). It also invested in a subsidiary company named Varun Gas Infrastructure.
During the quarter, Varun sold one crude carrier and one anchor handling towing and supply vessel (AHTS). It also invested in a subsidiary company named Varun Gas Infrastructure.