Great Offshore Q4 net drops; FY12 rev visibility 560 cr

Great Offshore Q4 net drops; FY12 rev visibility 560 cr

Mumbai: Great Offshore Ltd said its fourth-quarter net profit dropped 33 percent and pegged its revenue visibility for 2011-12 at 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 47.73 crore for the March quarter, compared with 71.49 crore a year ago.

Operating income dropped 24% in the quarter to 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 231.3 in a weak Mumbai market.

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