Varun Shipping today reported a net profit of Rs 11.81 crore for the quarter ended December 31, 2010, against a net loss of Rs 1.38 crore during the corresponding quarter last fiscal.
However, total income of the company declined by 7.9% during the quarter to Rs 220.15 crore, it said in a filing to the Bombay Stock Exchange (BSE).
The company had reported a total income of Rs 239.04 crore during the October-December quarter last fiscal.
During the quarter, income from freight and charter hire declined by 28.89% to Rs 122.25 crore. Besides, the company registered growth of over 46% on sale of ships and other assets to Rs 97.9 crore.
For the April-December, 2010 period, the company posted a net profit of Rs 35.94 crore, an increase of over 165% during the October-December quarter. It had reported a net profit of Rs 13.54 crore during the corresponding period last fiscal.
Shares of the company closed today at Rs 27.90 apiece on the BSE, up 9.20% from the previous close.