)
Essar Shipping Ltd has reported a consolidated net profit of Rs 5 lakh for the fourth quarter ended March 31, 2013 as against Rs 54.98 crore in the same period of FY12.
Total income for the company dropped to Rs 729.08 crore in the fourth quarter from Rs 826.41 crore in the corresponding period of FY12. Income from the company's logistics business dropped to Rs 221.85 crore as against Rs 302.17 crore.
Total expenses, on a consolidated basis, dropped to Rs 678.85 crore in the quarter ended March 31, 2013 as against Rs 692.76 crore in the same period of last year.
The company said, "The shipping business has faced challenges due to the depressed markets and freight levels globally. The robust performance of the oilfields services business has enabled the Company to maintain its consolidated profitability in line with the previous year."
For the quarter ending March 31, 2013, Essar Oilfield Services registered revenues of Rs. 165.9 crore and an EBITDA of Rs. 96.9 crore.
Anoop Sharma, Director & CEO Sea transportation Business, Essar Shipping said, "The Company is now fully focused on managing operating costs effectively. Together with specific measures for interest cost reduction being pursued, these measures will strengthen the performance of the company in the coming months and help increase profitability.”
