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Essar nets Rs 29 cr

Essar nets Rs 29 cr
Essar Shipping Ports & Logistics (ESPLL) has reported a net profit of Rs 29 crore in the June quarter, against a net loss of Rs 12 crore in a year-ago period.

Essar Shipping Ports & Logistics (ESPLL) has reported a net profit of Rs 29 crore in the June quarter, against a net loss of Rs 12 crore in a year-ago period.

Essar Shipping Ports & Logistics (ESPLL), part of the diversified Essar Group, has reported a net profit of Rs 29 crore in the June quarter, against a net loss of Rs 12 crore in a year-ago period, mainly because of good performance of its oilfields services. The company"s oilfield segment, which is being run by its subsidiary Essar Oilfield Services India (EOSIL), has contributed Rs 77 crore to net profit on revenues of Rs 145 crore. ESPLL acquired EOSIL last year.

Total income of the Ruias-owned company, however, fell by 26.2% to Rs 209.6 crore.

The company"s managing director Sanjay Mehta said: ?The last financial year has been a tough one for the industry at large given the volatility within the globe and Indian markets. We, at ESPLL, have also been subjected to this volatility, but our vision of leveraging on our long-term contracts have helped us in steadying our revenues.? In addition, the company"s various verticals, especially oilfields services, have contributed to its growth, he added. On outlook, he said the company expects to build on its strengths and core competence to achieve further growth this year.

The company"s consolidated net profit in the June quarter stood at Rs 6 crore, against a loss of Rs 73 crore in the year-ago period. Its total consolidated sales grew by 5% to Rs 676 crore. Shares of ESPLL dipped a marginal 1.49% to close at Rs 66.20 on BSE on Thursday. The stock has gained 19.82% in the past one week and 11.54% in the past one month.

www.TurkishMaritime.com.tr

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