The Hindu Business Line : Essar Shipping net up at Rs 37 cr

Essar Shipping Ltd has recorded a total income of Rs 280.70 crore for the quarter ended June 30, as compared to Rs 225.77 crore for the corresponding period in the previous year, representing an increase of 24 per cent, the company said. The net profit of the company was Rs 36.97 crore for the quarter, as compared to Rs 110.37 crore for the corresponding period in the previous year.

The net profit for the quarter ended June 30 last year (2005), included profit on sale of vessels, to the tune of Rs 68.57 crore. The earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter was Rs 82.44 crore as compared to an EBITDA (adjusted for the profit on sale of vessels) of Rs 62.34 crore in 2005.

The EBITDA margin on Time Charter Equivalent (TCE) basis was at 62.81 per cent as against 59.92 per cent in 2005. Net interest and depreciation were Rs 20.26 crore and Rs 23.21 crore, respectively, for the quarter. During the corresponding period of the previous year, interest and depreciation were at Rs 4.27 crore and Rs 9.50 crore, respectively. The increase in interest and depreciation was due to acquisition of two VLCCs (Very Large Crude Carriers). Earlier in the week, the results were taken on record at the Board of Directors meeting, the company added.

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