Bharati Shipyard earns more in Q3

Bharati Shipyard earns more in Q3 Bharati Shipyard Ltd has posted a net profit of Rs 33 crore in the third quarter of the current fiscal, as against Rs 32 crore in the corresponding quarter of 2008-09, showing a rise of 3 per cent. Income from operations jumped up by 38 per cent to Rs 319 crore. However, a 64 per cent rise in interest payments of Rs 23 crore and a 39 per cent increase in cost of materials, totalling Rs 179 crore, affected the company’s net profit. Also, since the government did not renew its policy to subsidise shipbuilders for foreign orders secured after August 2007, Bharati’s subsidy income fell to Rs 17 crore in the October-December quarter from Rs 24 crore in the year-ago period. Source : Exim News Service - Mumbai, Jan. 31