09-09-2016

India: Essar Shipping Apr-Jun quarter loss at Rs 50 crore

Essar

Essar Shipping Ltd on Thursday, reported standalone loss of Rs 50.45 crore for the quarter ended June 30, 2016.

The company's loss in the corresponding quarter of previous fiscal stood at Rs 45.94 crore, Essar Shipping Ltd said in a filing to BSE.

Total income from operations during the quarter declined to Rs 175.38 crore, over Rs 195.81 crore in the year-ago period, the filing said.

The total expenses of the company dropped to Rs 144.18 crore, over Rs 190.62 crore in the corresponding quarter of previous financial year.

Essar Shipping is an integrated logistics solution provider with investments in logistics services, sea transportation and oilfield drilling services.

Essar Shipping, through its subsidiaries Essar Oilfields Services Ltd and Essar Oilfield Services (India) Ltd, provides quality onshore and offshore drilling services and related services to international clients. Own a fleet of 16 rigs, which includes one semi-submersible rig and 15 onshore rigs.

Source: Business Standard 

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