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Net profit of Great Eastern rises on forex gains

Net profit of Great Eastern rises on forex gains

The consolidated net profit of Great Eastern Shipping more than doubled to Rs 192 crore during October-December 2012 from Rs 87.46 crore in the year-ago period.

The company cited forex gains and decline in interest costs as major reasons for the rise in net profit.

The company, however, announced an almost flat growth in total income from operations at Rs 759 crore during the period under consideration compared to Rs 758 crore in October-December 2011.

The other income of the leading shipping firm rose almost 52 percent as its made a forex gain of Rs 55.75 crore during the quarter. Moreover, the company also saw a decline of over 25 percent in its interest costs to Rs 85.58 crore during the quarter.

The company board also recommended an interim dividend of Rs 3 per share. The outgo on payment of interim dividend will be Rs 53.11 crore including tax, the company said.

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