Essar Shipping on Tuesday reported a consolidated net loss of Rs 35.99 crore for the quarter ended September 30, 2012, largely due to increased finance costs and a forex loss of Rs 50.20 crore.

The company had reported a net loss of Rs 85.65 crore during the corresponding quarter of the last fiscal.

Total income from operations was up 30.36 per cent to Rs 782.41 crore during the current quarter vis—a—vis Rs 600.20 crore in the same period of last year.

During the quarter, company’s total expenditure increased by over 10 per cent to Rs 678.36 crore, while the finance cost rose by 16.53 per cent to Rs 92.86 crore.

Besides, the company also incurred a forex loss of Rs 50.20 crore during the quarter.

Talking to reporters later through a conference call, Essar Shipping’s Managing Director A R Ramakrishnan said the company is looking to refinance part of its Rs 5,500 crore debt during the current quarter.

“We are trying to convert some rupee loans into dollar loans or to extend the tenure of some of our existing loans. This is in progress, hopefully in a month or two we might make some definitive progress,” he said.

During the quarter, company’s shipping business registered a growth of 24 per cent to Rs 368.66 crore, while its oil field services increased by 394 per cent to Rs 165.65 crore.

Besides, its logistics business clocked Rs 263.66 crore during the quarter.

For the half year ended September 30, 2012, the company reported a consolidated net profit of Rs 17.91 as against a net loss of Rs 66.82 crore.

Its total income from operations was Rs 1,698.25 during the first half of the fiscal against Rs 1,261.40 crore in the corresponding period.

The shares of the company fell by 5.24 per cent to close at Rs 28.95 apiece on the BSE today.

(This article was published on November 6, 2012)
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