June 2011 Results

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GE Shipping’s operating profit up by 4%, but 17% up sequentially

Great Eastern Shipping Co.’s operations in the June 2011 quarter (Q1) were affected by a slump in the global shipping market. Margins suffered as revenues grew at a lower rate than costs did.

Net profit (after minority interests) fell by 5.4%, despite higher other income and lower interest costs, which were offset by depreciation and a higher tax incidence.

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