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GE Shipping says it has not bid for SCI citing ‘risk-averse’ policy

Our Bureau Mumbai | Updated on July 29, 2021

The company reported a consolidated net profit of ₹12.36 crore during the April-June quarter

The Great Eastern Shipping Company Ltd said that the fleet owner stayed away from participating in the privatisation process of state-run Shipping Corporation of India Ltd (SCI) citing its “risk averse” policy.

“We are fairly risk-averse,” G Shivakumar, Executive Director and Chief Financial Officer, Great Eastern Shipping said during the quarterly earnings call on Thursday.

“We have specific risk parameters with regards to balance sheet. So, we have not put in an expression of interest for SCI and we are not in that process,” Shivakumar said.

The Great Eastern Shipping reported a consolidated net profit of ₹12.36 crore during the April-June quarter from ₹467.74 crore a year ago.

The Mumbai-based firm said its revenue from operations declined to ₹769.18 crore during the first quarter of FY22 from ₹1,068.37 crore a year ago.

Published on July 29, 2021

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