Q3 2024 Great Eastern Shipping Company Ltd Earnings Call Transcript
Key Points
- Great Eastern Shipping Co Ltd (BOM:500620) reported a net profit of INR538 crores on a consolidated basis for the quarter ended December 31, 2023.
- The company declared a third interim dividend of INR6.30 per share for Q3, bringing the total dividend for nine months to INR25.5 per share.
- The consolidated net asset value (NAV) increased to INR1,300 per share as of December 31, 2023.
- The company has maintained a consistent dividend payment for eight consecutive quarters.
- Great Eastern Shipping Co Ltd (BOM:500620) has strong cash flows, with a significant portion of NAV improvement attributed to cash profits.
- Standalone net profit for the quarter was INR514 crores, down from INR605 crores in the corresponding quarter of the previous year.
- Tanker markets were significantly weaker compared to the previous year, impacting overall results.
- Consolidated net profit dropped from INR640 crores to INR552 crores year-on-year.
- Dry bulk earnings were slightly weaker compared to the corresponding quarter of the previous year.
- The offshore segment's EBITDA was lower this quarter due to one-off expenses related to rig maintenance and off-hire periods.
Good evening, everyone, and welcome to the conference call to discuss the results for the quarter and nine months ended December 31, 2023. Thank you for joining us today.
We'll run through the presentation quickly, and then we'll throw the floor open for questions. And we'll always be happy to discuss -- as always, we'll be happy to discuss any questions you may have on our business.
Customary disclaimers apply. We don't know what the market is going to do. We are not giving earnings guidance. So please keep that in mind.
Highlights. We had a net profit of INR538 crores on a consolidated basis. Our consolidated NAV has moved up past INR1,300 per share as of December 31. And we declared a third interim dividend of INR6.30 per share for Q3, therefore taking the total dividend in -- for nine months to INR25.5 per share. This is the eighth consecutive quarter of dividend payments that we're doing.
Looking at the results, and let's go to the normalized numbers -- and you know
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