Essar Shipping registers growth of 91.3 pc

Surat, Nov 2: Essar Shipping Limited (ESL) recorded a total income of Rs. 298.91 crore for the quarter ended September 30, 2006, a growth of 91.3 pc over the corresponding quarter of the last year, a company communique informed here.

The company has earned a net profit of Rs. 15.28 crore which grew by 23.8 pc (previous period Rs. 12.34 crore) after providing for interest at Rs. 23.14 crore (Rs.4.38 crore), depreciation at Rs.

24.57 crore (Rs. 8.54 crore), and tax at Rs. 1.67 crore (Rs. 0.97 crore).

Total income for the six months ended September 30, 2006 stood at Rs. 579.61 crore as compared to Rs. 382.00 crore in the corresponding period of the previous year, representing an increase of 51.7 pc, the communique said.

Net profit after tax was Rs 52.25 crore for the six months ended September 30, 2006, as against Rs 122.71 crore for the corresponding period of the previous year, it said.

The results were taken on record at the meeting of the Board of Directors held on October 31, the communique added.

UNI