Mumbai: Great Offshore Ltd said its fourth-quarter net profit dropped 33 percent and pegged its revenue visibility for 2011-12 at Rs 559 crore based on existing charter contracts for owned vessels.
The company owns 46 offshore units, including 29 offshore vessels and 12 harbour rugs.
Late on Thursday the company reported a net profit of Rs 47.73 crore for the March quarter, compared with Rs 71.49 crore a year ago.
Operating income dropped 24% in the quarter to Rs 207 crore due to depressed spot rates for some older vessels, non-utilisation of marine construction assets and reduction in project income, it said in a statement.
At 9:57 a.m., shares of the company were down 2.03% at Rs 231.3 in a weak Mumbai market.