| Essar Shipping Limited
(ESL) has recorded a Net Profit of Rs. 12.34 crore
(USD 2.79 million) for the quarter ended September
30, 2005 on a Total Income of Rs. 156.23 crore (USD
35.29 million) as compared to a Net Profit of Rs.
30.89 crore (USD 6.66 million) on a Total Income
of Rs. 223.47 crore (USD 48.19 million) during the
corresponding period in the previous year. The reduction
in the Net Profit is on account of lesser availability
of fleet operating days due to sale of the four
Suezmax tankers during April 2005.
For the six months period ended 30th Sep. 2005
the Net Profit was Rs. 122.71 crore (USD 27.72
million) on a Total Income of Rs. 382.00 crore
(USD 86.29 million) as compared to Rs 61.26 Crores
(USD 13.21 million) on a Total Income of 417.29
crore (USD 89.99 million). The Net Profit for
the half year ended 30th September 2005 includes
Profit of Rs. 68.57 crore (USD 15.49 million)
on the sale of the four Suezmax tankers.
Net Interest and Depreciation were Rs. 4.38 crore
(USD 0.99 million) and Rs. 8.54 crore (USD 1.93
million) respectively, for the quarter ended September
30, 2005. During the corresponding period of the
previous year, interest and depreciation were
Rs. 67.44 crore (USD 14.54 million) and Rs. 21.53
crore (USD 4.64 million) respectively. The decrease
in interest cost is due to prepayment of debt.
The above results were taken on record at the
meeting of the Board of Directors held on 26th
October 2005.
Unaudited
Financial Results (provisional) for the quarter
ended 30th September, 2005 |
CORPORATE