The Hindu Business Line : Varun Shipping Q4 net doubles

MR ARUN MEHTA (left), Vice-Chairman & MD, Varun Shipping, with Mr Yudhishthir Khatau, Managing Director, at a press conference in Mumbai on Wednesday. — Paul Noronha

Mumbai , April 19

Varun Shipping has reported a 121 per cent increase in net profit for the 2005-06 fiscal to touch Rs 180.08 crore, as against Rs 81.6 crore in the previous fiscal. Income from operations during the year was Rs 642.93 crore (Rs 388.96 crore).

The company has recommended a final dividend of 15 per cent, with the total dividend for the year being 45 per cent (30 per cent).

The net profit for the quarter ended March 31, 2006, was Rs 57.99 crore (Rs 29.96 crore), representing a 93 per cent jump.

Same focus

Mr Yudhisthir Khatau, Managing Director of the company, said that the company's focus would continue to remain on LPG transportation. "In the next two-three years, there will be significant LPG supplies from LNG sources. This segment will remain a stable one in terms of business opportunities," he said.

He said the company planned to sharpen its focus on the offshore segment, having finalised a proposal to invest between $80 million and $100 million for acquiring offshore assets, like offshore supply vessels. Apart from the domestic offshore exploration market, the company will be seeking orders in the West Asian and South-East Asian markets.

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