Date:31/01/2006 URL: http://www.thehindubusinessline.com/2006/01/31/stories/2006013100800700.htm

Back Essar Shipping Q3 net down at Rs 31 cr

Our Bureau

Mumbai , Jan. 30

ESSAR Shipping Ltd reported a net profit of Rs 31.23 crore for the quarter ended December 31, 2005, down from Rs 107.24 crore in the year ago period. The total income for the period stood at Rs 164.43 crore, which also was down from Rs 209.34 crore during the previous third quarter.

The company attributed the decline in profit due to lower availability of fleet operating days as a result of the sale of four Suezmax tankers in April 2005.

Total income for the nine-month period was Rs 545.22 crore as compared to Rs 626.63 crore last year. Net profit for the April-December period, including profit of Rs 68.57 crore on the sale of four Suezmax tankers, stood at Rs 153.94 crore as compared to Rs 168.50 crore.

Net interest for the third quarter was Rs 3.39 crore (Rs 6.08 crore); depreciation cost stood at Rs 8.59 crore (Rs 18.49 crore).