Aban Offshore Q3 consolidated net profit down at Rs 89.4 Cr
Aban Offshore Q3 consolidated net profit down at Rs 89.4 Cr versus Rs 256 Cr; stock slides more than 10%
Aban Offshore has announced the following Unaudited results for the quarter ended December 31, 2009:
The company has posted a net profit of Rs 735.978 million for the quarter ended December 31, 2009 as compared to Rs 558.727 million for the quarter ended December 31, 2008. Total Income has increased from Rs 2826.071 million for the quarter ended December 31, 2008 to Rs 3288.633 million for the quarter ended December 31, 2009.
The unaudited Consolidated Results are as follows:
The Group has posted a net profit of Rs 894.351 million for the quarter ended December 31, 2009 as compared to Rs 2563.486 million for the quarter ended December 31, 2008. Total Income has decreased from Rs 9995.10 million for the quarter ended December 31, 2008 to Rs 8451.939 million for the quarter ended December 31, 2009.
Amit Shah of BNP Paribas Securities said that expectations were unrealistically high from Aban Offshore. He expect Aban’s FY10 EPS of Rs 120. He said that the consensus earnings expectation on Aban Offshore was too high. Aban’s rigs deployed in the Middle East is unlikely to have worked for more than 30 days, he added.
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