A SHARP increase in income from operation has helped shipping services firm Garware Offshore Services post a Rs 15-crore profit for the first quarter of the current financial year.

The company had a net loss of Rs 5.5 crore for the same period ended June 2008, the company said in a filing to BSE.

Garware Offshore, formerly known as Garware Shipping Corporation, earned Rs 57.05 crore from its operations, compared to Rs 29.4 crore during the year-ago period. In the previous quarter ended March 2009, the fleet chartering earnings stood at Rs 50.3 crore.

“The net unrealised exchange gain on foreign currency borrowings aggregating to Rs 34.91 crore for the current quarter has been recognised directly in hedge reserve. Consequently, the previous period figures are not comparable,” the filing added.

Source :The Economic Times / 22nd July 2009