ABG Shipyard & Shreyas Shipping Q4 results

CORPORATE SCORECARD

ABG Shipyard net up 154% at Rs 30.92 cr

Driving back on the better volumes, ship building company ABG Shipyard reported 153.65 per cent rise in its net profit at Rs 30.92 crore in the fourth quarter of the financial year ended March 31, 2006 against Rs 12.19 crore during the same period last year.

Total income from the operations in Q4 rose by 56.55 per cent to Rs 192.78 crore from Rs 123.14 crore in the corresponding quarter last year. The board of directors have recommended a dividend of Rs 1.20 per share (12 per cent on face-value of Rs 10).

ABG's net profit for the full-year ended March 31, 2006 surged by 86.99 per cent to Rs 83.68 crore as against Rs 44.75 crore in the same period last year. Total income from the operations stood at Rs 541.74 crore for the FY06 as compared to Rs 376.64 crore in FY05.

"Improved efficiency levels in hull building and additional capacity have added momentum to the profitability of the company coupled with large volumes," said ABG Shipyard Managing Director Rishi Agarwal.

"At present, the shipyard is having a capacity of 120,000 dead weight tonne and the yard is planning to add two to three ships more to this capacity," Agarwal said.

During the year, the company has completed required formalities to acquire Fujairah, UAE based Crossocean Ship repair Ltd FZE.

ABG Shipyard holds 100 per cent of the capital of Crossocean Ship Repair Ltd FZE. The company has an order book position of 48 ships, which are under construction.

The company has recently acquired a Canadian shipbuilding equipment facility for $ 5.6 mn.

Shreyas Shipping net dips 43% to Rs 7.23 crore

Mumbai-based coastal shipping company Shreyas Shipping & Logistics recorded 43 per cent down in net profit at Rs 7.23 crore during the fourth quarter ended March 31, 2006 from Rs 12.66 crore for the corresponding quarter of previous financial year.

Total income from the operations grew to Rs 31.71 crore during the quarter from Rs 31.60 crore for the corresponding quarter in the previous year.

The company proposed a final dividend of 12 per cent taking the total to 22 per cent. The net profit for FY06 grew 28 per cent at Rs 34.33 crore against Rs 26.84 crore in FY05. Total income from the operations grew to Rs 128.02 crore during FY06 against Rs 97.65 crore in FY05.

"The decline in the FY06 Q4 net profit could be attributed to lowest charter market during last year. The charter hire stood at 6.45 crore during FY06 Q4 against Rs 13.33 crore in the corresponding quarter of previous financial year," a senior company executive said.