The company had posted Rs 181.70 crore profit in the corresponding quarter a year ago.
Its total income from operations rose to Rs 947.74 crore during the quarter under review compared with Rs 877.81 crore in the year-ago period.
Expenses declined to Rs 438.87 crore during the quarter as against Rs 537.41 crore in October-December quarter of 2014-15.
The company's shipping segment revenue declined to 535.46 crore during the quarter under review as against Rs 556.22 crore in the year-ago period.
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During the quarter, the company entered into a contract to buy a medium range product tanker 'Jag Padma' and took the delivery of the vessel on January 27.
Great Eastern Shipping shares today closed 1.02 per cent up at Rs 336.15 apiece on the BSE.