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GE Shipping: 'Extraordinary' impact! - Views on News from Equitymaster
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GE Shipping: 'Extraordinary' impact!
Apr 28, 2006

Private sector shipping and offshore major, GE Shipping (GES) has announced mixed results for the fourth quarter and fiscal ended March 2006. For FY06, the company has reported a 11% YoY growth in topline and 16% YoY growth in bottomline. The topline growth has entirely been a result of growth in the company’s shipping business while the offshore business has reported a marginal decline. However, sharp increase in direct operating expenses has led to a contraction in operating margins. Despite this, and due to strong other income and gains on sale of ships, net profit growth has outpaced growth in topline during the fiscal. If one were to exclude the effect of extraordinary income, net profits have actually declined by 12% during FY06. The board has recommended a final dividend of Rs 3.5 per share (dividend yield of 1.2%).

Financial snapshot
Rs m) 4QFY05 4QFY06 Change FY05 FY06 Change
Sales 5,552 6,376 14.8% 20,492 22,816 11.3%
Expenditure 2,587 3,109 20.2% 9,602 11,869 23.6%
Operating profit (EBDITA) 2,965 3,267 10.2% 10,890 10,947 0.5%
Operating profit margin (%) 53.4% 51.2%   53.1% 48.0%  
Other income 160 230 43.8% 453 778 71.7%
Interest 224 282 26.2% 829 1,131 36.5%
Depreciation 736 896 21.8% 2,850 3,250 14.0%
Profit before tax 2,166 2,318 7.0% 7,664 7,344 -4.2%
Extraordinary items - -   248 2,438 885.1%
Tax (421) 39 -109.2% (254) 341 -234.4%
Profit after tax/(loss) 2,587 2,279 -11.9% 8,166 9,441 15.6%
Net profit margin (%) 46.6% 35.7%   39.8% 41.4%  
No. of shares 190.3 190.3   190.3 190.3  
Diluted earnings per share (Rs) 54.4 47.9   42.9 49.6  
P/E ratio (x)         5.3  

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