Essar Shipping's
net profit up by 125% at Rs. 36.84 crore (USD 8.05 million)
for the quarter ended 31st December 2003
January 29, 2004
Essar Shipping Limited (ESL)
recorded an increase in its net profit to Rs. 36.84 crore
(USD 8.05 million) for the quarter ended December 31, 2003
compared to Rs. 16.36 crore (USD 3.40 million) for the
corresponding period of the previous year, an increase
of 125%. ESL has achieved an EBITDA margin of 58% for the
quarter ended December 31, 2003 as against 47% for the
corresponding period of the previous year .The EBITDA was
Rs. 69.57 crore (USD 15.21 million) compared to Rs. 45.44
crore (USD 9.44 million), representing an increase of 53%.
Total
income was Rs. 148.47 crore (USD 32.46 million) as against
Rs. 122.85 crore (USD 25.51 million) for the corresponding
period of the previous year, representing an increase of
21%. Fleet operations & charter revenues
have been higher at Rs. 147.86 crore (USD 32.33 million)
compared to Rs. 122.49 crore (USD 25.44 million) for
the corresponding period of the previous year.
Interest and Depreciation
were Rs. 15.06 crore (USD 3.29 million) and Rs. 16.26 crore
(USD 3.55 million) respectively, for the quarter ended
December 31, 2003, as against Rs. 12.93 crore (USD 2.69
million) and Rs. 16.83 crore (USD 3.50 million) during
the corresponding period of the previous year.
The above
results were taken on record at the meeting of the Board
of Directors held on 29th January, 2004.
Key Financial Highlights
for the quarter ended December 31,2003.
Fleet operating
earnings for the quarter ended 31st December 2003 increased
to Rs. 147.86 crore (USD 32.33 million) as compared
to Rs. 122.49 crore (USD 25.44 million) in the corresponding
period of the previous year.
EBITDA at Rs 69.57
crore (USD 15.21 million) for the quarter ended 31st
December 2003 as against Rs 45.44 crore (USD 9.44 million)
during the corresponding period of the previous year
representing an increase of 53%.
EBITDA margin of 58% as against
47% in the corresponding period of the previous year.
Cash Profit of Rs 53.10
crore (USD 11.61 million), as against Rs. 33.19 crore
(USD 6.89 million) for the corresponding period of
the previous year, an increase of 60%.
Profit after Tax increased
to Rs 36.84 crore (USD 8.05 million) for the quarter
ended 31.12.2003, as against Rs 16.36 crore (USD 3.40
million) for the corresponding period of the previous
year representing an increase of 125%.
Debt Equity Ratio for
the quarter ended 31st December 2003 at 0.45:1 as against
0.65:1 in the corresponding quarter last year.
For more information on
Essar Shipping Limited contact:
Essar Group
Corporate Communications corporatecommunications@essar.com
Tel : 91-22- 2495-0606 / 6660-1100
CORPORATE
