Bharati Shipyard today reported a decline of 29.66% in its net profit for the Q3 ended December 31st 2010 to INR 23.16 crore due to rise in interest payments. The company had reported a net profit of INR 32.93 crore during the corresponding quarter of 2009-10.

The company in a filing to the Bombay Stock Exchange said that net sales of the company rose 7.97% to INR 344.97 crore for the quarter, as against INR 319.48 crore it had reported in Q3 of 2009-10.

For the October-December, 2010 quarter, the company paid INR 63.47 crore in interest on loans, vis-a-vis INR 23.05 crore during Q3 in the last fiscal.

(Sourced from PTI)