Leading vessel services provider Global Offshore has posted a consolidated net profit of Rs 27 crore,down 35 per cent,in 2010-11 as against Rs 41 crore in the previous fiscal. The company,formerly known as Garware Offshore,also witnessed a 76 per cent dip in the net profit at Rs 1.55 crore in the fourth quarter ended March 31,compared to Rs 6.56 crore in the same period last fiscal. The dip in profit was due to the fact that the vessel MV Beaucephalus delivered to its wholly owned subsidiary in The Netherlands worked in the North Sea spot market for part of the quarter and had to return to shipyard to be modified for a long term contract with Petrobras,Brazil. The full effect of this contract will be seen from Q2 FY 12 onwards. The company's AHTSVs MV Poorna and MV Mahananda commenced a three year contract each on the West Coast of India from March 11 and April 11 respectively. While the consolidated total income for the full year fell to Rs 204 crore as against Rs 212 crore in the FY 10,the company's total income in the January-March quarter plunged to Rs 48.6 crore from Rs 57.2-crore in the year ago period. On a standalone basis,net profit in the fourth quarter ending March this year was 5.88 crore,down 10 per cent from Rs 6.59 crore in the corresponding period last fiscal. While the total income of the company for FY'11 was Rs 116.56 crore,the net profit for the full year was Rs 43 crore. "The company's performance has been good. During the quarter,one of company's older AHTSV (Garware I) came off contract from ONGC after working with ONGC for more than 25 years," said Aditya Garware,Vice Chairman and Managing Director,Global Offshore Services Ltd. The company also declared a third interim dividend at five per cent for the FY 2010-11. The total interim dividend declared for the FY 2010-11 is 19 per cent. Global Offshore operates a total fleet of 13 vessels. "The company is committed towards increasing its presence in new geographies," Garware said.
