Varun Shipping posts Q3 net profit

Varun Shipping returned to the black in its third quarter results with a net profit of Rs118.2m ($2.6m) compared to a loss of Rs13.8m in the same quarter the previous year.


The Mumbai-listed firm, however, lost out on revenue as it reported a 7.9% decline to Rs2.2bn for the quarter ended 31 December 2010, compared to Rs2.39bn in the same quarter of 2009. The loss was attributed to lower earnings from the freight and charter hire operations, it said in a statement to the exchange.


Varun Shipping currently owns and operates a fleet of 20 vessels comprising of LPG carriers, aframaxes and AHTS.
(Source:http://www.seatrade-asia.com)