"The results of the quarter mainly relate to the trading operations of the company," said a statement from the company.
Since the company has increased the retail prices at its outlets to reduce under-recovery, there has been an adverse impact on the trading operations.
For the year as a whole, the company reported a net loss of Rs 41.65 crore compared to a net loss of Rs 67.49 crore last year. Total income has increased from Rs 48.43 crore for the year ended March 31, 2007 to Rs 57.68 crore for the year ended March 31, 2008.
Essar oil has a 10.5 million tonnes per annum (mtpa) capacity in Jamnagar and is in the process of expanding capacity to 34 mtpa.
