ABG Shipyard's net sales at Rs 488.9cr up by 77.8%

ABG Shipyard Limited, country's largest ship building company today reported a 54.3 % in its EBIDTA to Rs. 124.7 crore in the quarter ended December 31, 2008 as compared to Rs.80.8 crore during the same period last year. Net Sales in Q3FY09 rose by 77.8 % to Rs.488.9 crore from Rs.275 crore in the corresponding quarter. Net profit for Q3FY09 stood at 46.1 crore.
Earnings per share (EPS) for the quarter ended December 31, 2008 was Rs.9.1 per share as against Rs 9.3 per share for corresponding quarter.
For the nine months period, the company reported Net Sales of Rs.1,041.3 crore against Rs. 690.2 crore; an increase of 50.9% from the corresponding period last year. Net Profit stood at Rs.119.1 crore as against Rs. 114.6 crore; jump of 3.9%.
The total order book position as on December 31, 2008 stands at Rs. 11,355 crore.
On this occasion, Mr. Dhananjay Datar - CFO, ABG Shipyard said We continue to work towards achieving our plans at ABG. With our robust order book position, our capacities are full till 2013 and we are strengthening our presence in niche products segments.
In current global scenario, our performance is satisfactory. We are confident that we will continue to achieve our targeted growth on the back of robust order book. The higher interest cost is mainly due to increase in lending rates and addition of working capital for Dahej Yard. We hope that the interest will reduce in coming quarters as we continue to grow the volume and expect lower interest rates going forward.