Leading private ship building company ABG Shipyard today reported a decline of 35.04% in its net profit for the quarter ended December 31, 2010 at Rs 53.45 crore.
The company had posted a net profit of Rs 82.29 crore during the corresponding quarter of the 2009-10.
"The net profit for the previous year's corresponding quarter was inclusive of an exceptional gain of Rs 34.39 crore on sale of shares," the company said in a statement, while talking about the reasons for fall in its net profit.
During the quarter, the company registered a growth of 9.61% in its net sales at Rs 540.18 crore as compared to Rs 492.82 crore in the October-December quarter last fiscal.
The statement added that ABG Shipyard bagged an order for Rs 370 crore from a Qatar-based company taking the total order book position to Rs 14,500 crore as of December 31, 2010.
For April-December 2010, ABG Shipyard's net profit declined by 15.86% to Rs 148.13 crore as against Rs 176.07 crore it had reported for the same period of 2009-10.
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However, last year's net profit of the company included share sale proceeds, the statement said.
During the nine months period, company registered a growth of about 20% in its net sales at Rs 1,545.11 crore vis-a-vis Rs 1,287.51 crore of the same period of 2009-10.
Scrips of the company closed today at Rs 325.80 apiece on the Bombay Stock Exchange, down 3.19% from its previous close.