Chowgule back in black

Indian bulker owner Chowgule Steamship has been propelled to profit in the fourth quarter by a currency exchange gain.

The company said it made INR 12.1m ($202,000) to 31 March on a net basis, from a loss of INR 1.2m in the same three months of 2013.

Revenue grew to INR 45.6m against INR 41.8m, but expenses rose to INR 67.3m, compared to INR 55.3m the year before.

But a currency fluctuation of INR 59.2m from a restatement of foreign currency borrowings boosted the bottom line.