Garware Offshore Services Limited, offshore vessel owners announced their quarter results with total income of Rs. 44.07 crores (including Rs. 17.19 crores of exchange gain) for the quarter ended September 30, 2007, an increase of 226.7% as compared to Total Income of Rs. 13.49 crores for the corresponding period of 06. The Net Profit after Tax for the quarter ended September 2007 was Rs. 23.53 crores as against a PAT of Rs. 4.42 crores for the quarter ended September 2006, an increase of 432.4%.
Commenting on the company's performance Mr Aditya Garware, Vice Chairman and Managing Director, Garware Offshore said "Better Rate Realization for one of our Vessel and the acquisition & deployment of MV KAMET has resulted in better revenues for the Company."
About Garware Offshore:
Garware Offshore Services Ltd. (GOSL), was incorporated in 1976. The company initially started with operating of general cargo vessels, but eventually diversified into a much lucrative field of offshore vessels. The company is expanding its fleet size, and has taken delivery of 3 platform supply vessels (PSVs), which are used as support vessels for offshore oil exploration activities and 2 more PSVs are scheduled for delivery in Mar-08 and Dec-08. In addition to this, two 60T AHTSVs are scheduled for delivery in mid 2008. The company has realized the huge potential in the growing offshore industry and thus aims to expand its fleet size in the coming 1-3 years.
Garware Offshore registers 427% growth in Net Profit ; Total Income stands at Rs. 44.07 crores for Quarter ended Sep-07
Highlights:
• Total Income for the quarter ended September 2007, stood at Rs . 44.07 crores
• Profit After Tax for the quarter ended September 2007, at Rs. 23.53 crores
• EPS for the quarter ending September 2007 increased by 398%
• Starts work in the spot market and was awarded contract on short term basis at a charter rate which is approx. 50% higher.
Garware Offshore Services Limited, offshore vessel owners announced their quarter results with total income of Rs. 44.07 crores (including Rs. 17.19 crores of exchange gain) for the quarter ended September 30, 2007, an increase of 226.7% as compared to Total Income of Rs. 13.49 crores for the corresponding period of 06. The Net Profit after Tax for the quarter ended September 2007 was Rs. 23.53 crores as against a PAT of Rs. 4.42 crores for the quarter ended September 2006, an increase of 432.4%.
Commenting on the company's performance Mr Aditya Garware, Vice Chairman and Managing Director, Garware Offshore said "Better Rate Realization for one of our Vessel and the acquisition & deployment of MV KAMET has resulted in better revenues for the Company."
About Garware Offshore:
Garware Offshore Services Ltd. (GOSL), was incorporated in 1976. The company initially started with operating of general cargo vessels, but eventually diversified into a much lucrative field of offshore vessels. The company is expanding its fleet size, and has taken delivery of 3 platform supply vessels (PSVs), which are used as support vessels for offshore oil exploration activities and 2 more PSVs are scheduled for delivery in Mar-08 and Dec-08. In addition to this, two 60T AHTSVs are scheduled for delivery in mid 2008. The company has realized the huge potential in the growing offshore industry and thus aims to expand its fleet size in the coming 1-3 years.
