It reported profit before interest, tax, depreciation and amortisation of INR 3.6bn ($5.8m) for the three months to 31 December, compared with INR 4.4bn the previous year.
Net profits fell to INR 101.5m, from INR 191.8m.
GE says its nine months earnings are now INR 13.4bn and INR 5.1bn on a net basis.
It adds that its shipping division recorded profit before tax of INR 618.9m while the offshore sector registered INR 1.29bn.
The company reported much improved average time charter rates for its dry bulk ships, up to $13,407 per day from $9,745 in the previous three months and product carriers, $16,036 compared with $14,429. Tanker rates were largely flat at $13,957 per day.
GE ordered three 82,000-dwt kamsarmax dry bulkers in the last quarter from China’s Jiangsu New Yangzi Shipbuilding. The eco-ship design vessels will be delivered in the second and third quarters of 2016.
