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63% fall in net profit

63% fall in net profit
Great Eastern Shipping Company announced a fall of 63.97% in the consolidated net profit for the quarter ended June 2009.

Great Eastern Shipping Company announced a fall of 63.97% in the consolidated net profit for the quarter ended June 2009.

Great Eastern Shipping Company (GE Shipping), a private sector shipping and offshore oil field services provider today announced a fall of 63.97% in the consolidated net profit for the quarter ended June 2009. During the quarter, the company reported a consolidated profit of Rs 1,541.70 million as against profit of Rs 4,279.30 million for the quarter ended June 30, 2008. In the same period, total income of the company was at Rs 8,856.10 million, a decline of 25.97% over the prior year period. On a standalone basis, the company reported a profit of Rs 1,262.80 million, an decline of 67.42% over the prior year period, failing to meet analysts expectation.

The analysts had estimated earnings of Rs 1,642 million for the quarter ended June 2009. In the same period, total income of the company was at Rs 6,290.20 million, a decline of 36.56% over the prior year period.Shares of the company gained Rs 4.4, or 1.74%, to trade at Rs 256.90. The total volume of shares traded was 280,581.00 at the BSE.

www.TurkishMaritime.com.tr

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