SEAMEC Stock Amongst the Major Gainers

Seamec Ltd with four vessels, provides offshore support to petroleum exploration and production companies, in India and abroad.
The company managed to finally turnaround in the fourth quarter ended 31st Dec 2008. It reported net profit of Rs 54.57 crore as against net loss of Rs 15.88 crore in Q407. Sales rose by a whopping 368.84% to Rs.104.41 crore. For the full year, net profit rose 27.25% to Rs 47.12 crore in the year ended December 2008 as against Rs.37.03 crore during the previous year ended December 2007.
The positive about Seamec is that it has a small fleet of just four vessels and hence deployment is easier. In 2009, as against last year, all the four vessels have been hired as of now. The company expects no dry docks for the year, and there are no cancellations as of now. 7.5% growth in topline in FY09 expected.

The stock was amongst the major gainers of the day, and has been so since the day the results were announced. It was up over 20% yesterday at Rs.57.30. Thanks