Varun Shipping Q1 net zooms 268%

Varun Shipping Company today reported a 268% rise in net profit at Rs 26.81 crore in the first quarter ended June 30, 2005 as compared to Rs
7.29 crore in the corresponding quarter previous year.

Total freight revenue for the first quarter has gone upto Rs 117.37 crore from Rs 79.84 crore in the corresponding quarter in 2004-05, the company informed the NSE.

Increase in the profit has been primarily due to the expansion of company's fleet and bouyant freight rates in sectors in which the company operates.