Great Eastern Shipping Company Ltd consolidated net loss of Rs245cr in Q1FY19, vs net profit of Rs104cr in Q1FY18

The company’s consolidated revenue stood at Rs821cr, up 11.4% yoy and 6.8% qoq.

Aug 10, 2018 01:08 IST India Infoline Research Team

Great Eastern Shipping Company Ltd Q1FY19

Consolidated Results Q1FY19: (in Rs cr)

Q1FY19 YoY (%)
Revenue 821 11.4
EBITDA 29.3 [92.5]
EBITDA Margin (%) 3.6 [4,919]
Net Loss (adjusted) 245 0
***EBITDA margin change is bps

Great Eastern Shipping Ltd. reported sharply lower earnings for Q1FY19 in spite of revenue growth. Revenues for the quarter rose 11.4% yoy to Rs821cr. EBITDA stood at Rs29.3cr, down 92.5% yoy as operating expenses rose sharply, while EBITDA Margin saw a sharp contraction of over 4,900bps to 3.6%. Net loss stood at Rs245cr for Q1FY19 against a profit of Rs106cr in Q1FY18.
  • The size of the shipping fleet at the end of Q1FY19 stood at 48 ships with a total tonnage of 3.92mn deadweight tonnes (dwt).
  • Total Revenue days for the shipping business stood at 4,246 days for the quarter against 4,074 days in Q1FY18. Total Revenue days for the offshore business stood at 1,845 days for the quarter against 1,721 days in Q1FY18.
  • Time Charter Yields for the various segments for Q1FY19 stood at:
    • Crude Carriers - $11,011 (down 29.3% yoy and 14.3% qoq, respectively)
    • Product Carriers - $14,697 (down 4.8% yoy and up 0.7% qoq, respectively)
    • Dry Bulk Carriers - $13,597 (up 48.3% yoy and 14.7% qoq, respectively).
  • The company sold its Supramax Dry Bulk Carrier named ‘Jag Ratan’ and contracted to buy and took delivery of a second-hand Very Large Gas Carrier ‘Jag Viraat’ built in 2007.
  • The company took delivery of previously contracted second-hand Medium Gas Carrier ‘Jag Vaayu’ built in 1996
  • The company is expecting delivery of a second-hand Very Large Gas Carrier in Q2FY19.
  • Segmental Revenue for the quarter stood at Rs678cr for the shipping segment (up 33.4% yoy) and Rs204cr for the offshore segment (down 26% yoy).
  • Segmental EBIT loss for the quarter stood at Rs240cr for the shipping segment and Rs5.4cr for the offshore segment.




Technical View:

Great Eastern Shipping Company Ltd ended at Rs327.45, up 6.65 points, or 2.07%, from its previous close of Rs320.80 on the BSE. The scrip opened at Rs320 and has touched a high and low of Rs335 and Rs309, respectively. A total of 2,63,675 (NSE+BSE) shares were traded on the counter. The stock is currently trading below its 200 DMA.

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