Essar Shipping clocks `600 cr revenue in Q2
GK NEWS NETWORK
Srinagar, Nov 17: Essar Shipping Ltd has clocked a revenue of Rs 600.20 crore during 2nd quarter ended Sept 30.
However, the company reported a loss of Rs 85.65 crore for the quarter.
Notably for the half year (two quarters) ended Sept 30, the company has recorded a revenue of Rs 1261.40 crore, but showing a loss of Rs 66.83 crore for the period.
The loss has been primarily attributed to its “semi-submersible rig Essar Wildcat undergoing statutory surveys/inspection in Aug/Sept 2011 and revenues being impacted accordingly,” a spokesman of the company in a statement to Greater Kashmir said.
He said the Sea Transportation business has recorded a profit of Rs 40.05 crore for the half year.
The Essar Wildcat, after having successfully completed its contract with Vietsovpetro in Vietnam, has moved to its next contract with ConocoPhillips in Indonesia in Oct 2011 at an attractive charter rate of USD 285,000 per day, he said.
“Essar Shipping's prospects ahead are quite positive, with the delivery of the six new-build Minicape ships commencing later this month. These ships are backed by long term contracts, and are expected to provide stable earnings in these volatile shipping markets,” he said.
The statement quoted AR Ramakrishnan, MD Essar Shipping Ltd as saying: "The past quarter was tough for the industry and some of our major assets like the Wildcat and the two VLCCs were transitioning between contracts. These assets have now been deployed on good long term contracts and we are confident of long term stability in revenues."
Lastupdate on : Thu, 17 Nov 2011 21:30:00 Makkah time
Lastupdate on : Thu, 17 Nov 2011 18:30:00 GMT
Lastupdate on : Fri, 18 Nov 2011 00:00:00 IST
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