Varun Shipping’s net profit after tax, excluding exchange gain, for the quarter ended September 30, 2008, increased by 188.02 per cent to Rs 44.27 crore, as compared to Rs 15.37 crore in the corresponding quarter of 2007.
Net profit after tax, excluding exchange gain, for April-September, was Rs 65.60 crore, as compared to Rs 45.08 crore for the corresponding period of 2007-08.
The company has declared a second interim dividend of 15 per cent for the current financial year. The total of the first and second interim dividends declared in this fiscal works out to 20 per cent.
Its freight and charter hire income for the second quarter of 2008-09 increased by 27.51 per cent to Rs 256.85 crore, as against Rs 201.43 crore in the corresponding quarter of 2007-08.
Earnings Per Share (EPS) (diluted), excluding exchange gain, in the second quarter was Rs 2.95, as compared to Rs 1.03 in the corresponding period of 2007. EPS (diluted), excluding exchange gain, in the first half of this fiscal was Rs 4.37, against Rs 3.05 in the corresponding period of 2007.
Varun Shipping has plans to invest $ 300 million in the acquisition of additional ships this fiscal.
The company is not involved in the bulk carrier sector and, therefore, fluctuations in the Baltic Dry Index do not have any relevance to its business, says Exim News Service.