ABG Shipyard FY10 net up 27.44% at 2.18 bn

ABG Shipyard, country`s largest private ship building company announced 28.26% increase in net sales to Rs. 18.12 billion against Rs 14.13 billion in FY09. Net profit stood at Rs 2.18 billion as against Rs 1.71 billion , witnessing a jump of 27.44%. Earnings per share (EPS) for the FY10 stood at Rs 42.84 as against Rs 33.61 a share in FY09, registering a growth of 27.46%.
For the quarter ended Mar. 31, 2010, ABG reported net sales of Rs 5.20 billion compared to Rs 3.71 billion in Q4FY09 with 40.25 % increase. Net Profit in Q4FY10 stood at Rs 528.5 million as against Rs 519.6 million in Q4FY09 witnessing a jump of 1.71% The total order book position as on date stands at Rs 120.50 billion.
Commenting on the results, Dhananjay Datar - chief financial officer, ABG Shipyard said, ``globally, sea trade has improved and ship owners are expanding their fleet. Addition of Rs 3.85 billion order has further strengthened our order book position. With the increase in the global shipyard capacity, the demand for new vessels is increasing. This is a good sign for the industry. However, growth in trade flows will ultimately lead to sustainable improvement.``
Shares of the company gained Rs 2.65, or 1.1%, to settle at Rs 243.40. The total volume of shares traded was 110,877 at the BSE (Friday).