Bharati Shipyard: Net profit decreases 21.8% on increase in interest rate

Bharati Shipyard: Net profit decreases 21.8%
Bharati Shipyard Limited has announced results for quarter ended June on August 12, 2011. During the quarter net profits of the company have decreased by 21.8% to Rs 1,730.94 lakhs. Net profits have decreased on account of significant increase in interest payments during the quarter. interest payments increased by 87.8% to Rs 10,564.46 lakhs.

Net sales during the quarter increased by 8.8% to Rs 36,251.95 lakhs. Net sales have increased mainly from Ship manufacturing segment by 21.4% to Rs 43,524.88 lakhs which also includes subsidy received from government. Subsidy income increased by 152.5% to Rs 7,453.42 lakhs. Also other operating income increased during the quarter by 613.3% to Rs 266.85 lakhs from Rs 37.41 lakhs. Due to this, total income posted increase of 21.1% to Rs 43,972.22 lakhs.

Total expenditures also increased during the quarter by 12.9% to Rs 30,846.09 lakhs from Rs 27,321.93 lakhs. Depite this, operating profits posted growth of 46.3% to Rs 13,126.13 lakhs. Operating profits have increased due to increase in net sales.

Other income decreased during the quarter by 78.2% to Rs 0.59 lakhs from Rs 2.71 lakhs. Due to this, profits before interest and tax posted increase of 46.2% to Rs 13,126.72 lakhs. However due to significant rise in interest payments profits before tax posted decrease of 23.6% to Rs 2,562.26 lakhs.

Read more about: bharati shipyard, bse, nse, ship
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