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Great Offshore Q4 net drops; FY12 rev visibility Rs 560 cr

Great Offshore Q4 net drops; FY12 rev visibility Rs 560 cr
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First Published: Fri, May 13 2011. 05 20 PM IST
Updated: Fri, May 13 2011. 05 20 PM IST
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.
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First Published: Fri, May 13 2011. 05 20 PM IST