Shreyas Shipping, Profit Down, Acquires Vessel
By Aiswarya Lakshmi
Monday, February 15, 2016
Shreyas Shipping & Logistics Ltd reported weak set of earnings in its third quarter earnings on Friday. Net profit fell a staggering 88 percent to Rs 2.77 crore year-on-year (YoY) and EBITDA margins dipped 17.4 percentage points to 6.4 percent (YoY).
It has reported a consolidated total income from operations of Rs 141.14 crore and a net profit of Rs 2.77 crore for the quarter ended Dec '15. For the quarter ended Dec 2014 the consolidated total income from operations was Rs 139.83 crore and net profit was Rs 22.38 crore.
VK Singh, CEO of Shreyas said that the even though capacity had increased but low demand due to global meltdown impacted this quarter. Revenue growth was limited as freight rates fell 30 percent this quarter, he added.
The Board of Directors of Shreyas Shipping at its meeting held on February 12, 2016, in line with the vessel acquisition plan, the Board has approved the acquisition of the fourth container vessel on February 12, 2016.
Shreyas Shipping and Logistics Limited is an India container feeder owning and operating company.