Varun Shipping Company net profit rises 1172.97%

Net profit of Varun Shipping Company rose 1172.97% to Rs 23.55 crore in the quarter ended June 2010 as against Rs 1.85 crore during the previous quarter ended June 2009. Sales declined 24.74% to Rs 132.21 crore in the quarter ended June 2010 as against Rs 175.67 crore during the previous quarter ended June 2009.

During the quarter ended June 2010, the company earned Rs 108.36 crore as profit on sales of ship and other assets, much higher than Rs 46.48 crore in the corresponding previous year period. Varun Shipping said it sold one LPG carrier in Q1 June 2010.
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