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GE Shipping: Tankers lead the charge

Nov 1, 2006

Private sector shipping major, GE Shipping (GES) recently announced its results for the second quarter and half year of FY07. For 2QFY07, the company has reported a 25% YoY growth in revenues. Also, on the back of operating margin expansion and lower depreciation costs, net profits have grown at a robust rate of 62% YoY (excluding extraordinary items). For the first half, excluding the extraordinary impact (gains on sales of ships), bottomline has grown by 26% YoY. Lower repairs & maintenance and staff costs have aided the 210 basis points (2.1%) expansion in operating margins during 2QFY07. The results for this quarter and half year and those for the corresponding period of FY06 are for the shipping business only, as the offshore business has been demerged into a separate company Great Offshore with effect from October 16, 2006.

Financial performance snapshot
(Rs m) 2QFY06 2QFY07 Change 1HFY06 1HFY07 Change
Sales 4,173 5,223 25.2% 9,204 9,630 4.6%
Expenditure 2,152 2,586 20.2% 4,699 4,573 -2.7%
Operating profit (EBDITA) 2,021 2,637 30.5% 4,505 5,056 12.2%
Operating profit margin (%) 48.4% 50.5%   48.9% 52.5%  
Other income 193 321 66.3% 426 575 35.1%
Interest 238 267 12.0% 462 541 17.1%
Depreciation 703 643 -8.5% 1,390 1,352 -2.7%
Profit before tax 1,272 2,047 60.9% 3,078 3,738 21.4%
Extraordinary items 346 388 12.2% 2,073 1,181 -43.0%
Tax 58 81 40.2% 228 154 -32.4%
Profit after tax/(loss) 1,561 2,355 50.9% 4,924 4,765 -3.2%
Net profit margin (%) 37.4% 45.1%   53.5% 49.5%  
No. of shares       152.3 152.3  
Diluted earnings per share (Rs)*         54.0  
P/E ratio (x)*         6.2  
* On a trailing 12-months basis            

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