Varun Shipping today reported growth of 17.45% in its net profit at Rs 14.74 crore for the year ended March 31, 2011.
The company had reported a net profit of Rs 12.55 crore in 2009-10, it said in a filing to the Bombay Stock Exchange (BSE).
During the year, total income of the company witnessed a marginal decline of 6.66% at Rs 836.84 crore as compared to Rs 896.64 crore in FY10, the filing added.
In a separate statement, the company said that charter income was under pressure during the year due to weak global rates of Aframax crude tankers and Anchor Handling Towing Supply (AHTS) vessel.
It also said that the company has signed contracts with Brazilian PSU Petrobras for supply of three AHTS vehicles.
Varun Shipping also said its board recommended a dividend of 8% per share of Rs 10 each for 2010-11.
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The company currently owns and operates a fleet of 21 vessels, including 11 LPG carriers.
Shares of the company today closed at Rs 27.50 on the BSE, down 1.43% from previous close.