Varun Shipping Q3 net up 260%

Varun Shipping Company Ltd has posted a 259.8 per cent rise in net profit at Rs 10.04 crore for the third quarter ended December 31, 2003, compared with Rs 2.79 crore in same period previous fiscal.

The income from operations during the period under review rose to Rs 72.90 crore from Rs 53.62 crore in Q3 of last year, the company said in a release here today.

"The increase in profit was owing to buoyant freight rates and better turnaround of its ship", it added.

For the nine months ended December, net profit and income from operations grew to Rs 18.24 crore (Rs 4.85 crore) and Rs 208.54 crore (Rs 153.29 crore).