ESSAR SHIPPING Net
Profit increses by 463% for 3QFY2001. Reports Net Profit
of Rs. 505.4 million (US$ 10.77 million)for the 9-Month
period ended 31st December 2000.
Essar Shipping Limited (ESL) has registered
a net profit of Rs. 505.4 million (US$ 10.77 million),
for the nine-month period ended on December 31, 2000 with
a cash profit of Rs. 1,058.9 million (US$ 22.56 million).
The net profit for the quarter is higher by 463% compared
to the net profit of Rs. 35.6 million (US$ 0.76 million)
for corresponding period in the last year.
While the Company
has registered a total income of Rs. 3,116.3 million (US$
66.42 million) as against Rs. 3,169.2 million (US$ 67.54
million) for the corresponding period last year, the EBITDA
is Rs. 1,516.2 million (US$ 32.31 million) as compared
to Rs. 1,138.6 million (US$ 24.27 million), for the corresponding
period last year. Interest charges are at Rs. 457.3 million
(US$ 9.75 million) resulting in a cash profit of the Company
is Rs. 1,058.9 million (US$ 14.18 million). After providing
for depreciation at Rs. 510.4 million (US$ 10.88 million)
and Tax at Rs. 43.1 million (US$ 0.92 million), the Company
has earned a Net Profit of Rs. 505.4 million (US$ 10.77
million).
The Company’s EBITDA (without considering
sale of assets) for the quarter has risen sharply as against
that for the corresponding quarter last year. The EBITDA
(without considering sale of assets) for the quarter
is Rs. 578.8 million (US$ 12.33 million), resulting in
an increase of 152% against Rs. 230.1 million (US$ 4.90
million) for the corresponding quarter of the last year.
CORPORATE