Cutting Losses with Government Support

GREAT EASTERN SHIPPING has sustained a heavy net loss of Rs 8.82 crores during 1977-78 as against a pro-fit of Rs 8.79 crores earned in the pre-vious year. There has been a drop is operating earnings from Rs 44.34 crores to Rs 32.20 crores. The loss has been wiped off by utilising last year's surplus (Rs 6.44 crores) and transfers from the development rebate reserve (Rs 86 lakhs) and general reserve (Rs 1.52 crores). Internal resources have been severely strained and the imme-diate future appears bleak. The direc-tors have, therefore, not recommend-ed any dividend.