Great Eastern Shipping posted a very disappointed set of numbers for Q4FY16. It reported a 57% (YoY) decline in consolidated net profit at Rs.58 crore though its total income rose 7% at Rs.968 crore.

The fall in profit was on account of heavy impairment charges of Rs.144 crore and this was due to a sharp fall in asset values and earnings in the offshore oilfield services market.

EBITDA for the quarter was up 37% at Rs.1153 crore and margin improved from 41.83% to 50.59% (QoQ).

The company’s debt has come down 6% to Rs.2884 crore.

GE Shipping ended the fiscal FY16 with a consolidated net profit of Rs.1039 cror, up 40% on a 10% increase in revenue at Rs.4078 crore.