Business Daily from THE HINDU group of publications
Saturday, Aug 02, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Saturday, Aug 02, 2008 ePaper | Mobile/PDA Version | Audio |
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Corporate Results
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Petroleum Essar Oil nets Rs 29 cr Our Bureau Mumbai, Aug. 1 Essar Oil Ltd announced a net profit of Rs 29 crore for the quarter ended June 30 against a net loss of Rs 5 crore in the corresponding period last year. The net sales for the quarter were Rs 8,950 crore compared with Rs 191 crore in the year-ago period. The company in a BSE notice said that the current quarter figures are not comparable with the previous quarter. As the current quarter also reflects income and expenses from Vadinar refinery which started production in May. It also reflects trading operations for the previous periods, the notice said. The company is in the process of expanding the existing refinery capacity from 10.5 mmtpa to 34 mmtpa at an investment of $6 billion. The expansion to 16 mmtpa is under Essar Oil Ltd and a new 18 mmtpa refinery is being implemented under Essar Oil Vadinar Ltd, a wholly owned subsidiary of Essar Oil. On Friday the shares of the company closed at Rs 198.70 on the BSE, an increase of 5.89 per cent over the previous day’s close of Rs 187.65. More Stories on : Petroleum
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