Bangalore:The net profit of Great Eastern Shipping Co Ltd plunged 71.42% to Rs395.75 crore in the year to March 2010 from Rs1,384.82 crore a year earlier after the shipping market was hit by the slump in global trade.
The earnings of India’s biggest private ocean carrier declined 33.47% to Rs1,882.20 crore during the year from Rs2,829 crore a year earlier, the Mumbai-listed company said in a statement.
Great Eastern’s net profit for the January to March quarter declined 61.05% to Rs97.40 crore from Rs250.05 crore a year ago.
Income from operations dropped 8.48% to Rs513.22 crore during the fourth quarter compared to Rs560.75 crore during the same period last year.
Great Eastern has appointed K V Kamath, as an additional director on its board. Kamath is the non-executive chairman of the board of directors of ICICI Bank Ltd.