Essar Shipping, the shipping arm of Essar Group, ended FY17 Q4 with a net loss of ₹176.6 crore on a consolidated basis, versus a ₹88.2-crore loss in the previous quarter and ₹147.2 crore in the corresponding quarter of FY16. Quarterly revenue shrunk to ₹467.8 crore from ₹673.7 crore in the previous quarter.
The company closed the financial year with a loss of ₹583 crore compared with ₹550 crore in the previous year. The consolidated revenue grew to ₹2,313 crore from ₹2,020 crore in the previous fiscal.
The company’s total expenses during the period rose to ₹644 crore from ₹619.81 crore in the same quarter of the previous fiscal. During the quarter ended March 31, Essar Shipping has added a Panamax vessel of 74,005 dwt to its fleet that will replace the decommissioned Capesize carrier of 152,065 dwt. Essar Shipping’s fleet now consists of 14 vessels, most of which are used for coastal cargo movements.