Essar Shipping registers 38 pc growth in Q1

Ahmedabad, Jul 29 (UNI) Essar Shipping Ports&Logistics Limited has reported a 38 per cent rise in its total income for the first quarter of the financial year 2008-09 on a consolidated basis.

The Company has recorded a total income of Rs 637.72 crore against Rs 462.54 crore during the corresponding quarter of the financial year 2007-08. The EBITDA of the Company for the first quarter grew by 107 per cent at Rs 193.33 crore.

The Company registered Profit Before Tax (PBT) of Rs 36.88 crore as compared to Rs 37.05 crore for the corresponding quarter a year ago. A Net Loss of Rs 72.75 crore compared to Profit After Tax (PAT) of Rs 83.42 crore for the corresponding quarter of 2007-08, was registered.

This was primarily due to a national currency loss of Rs 93.59 crore and the increase in interest cost, on account of operation of the terminal. The Company achieved a growth of 63 per cent in Cash Profit, which stood at Rs 94.96 crore during the quarter, as compared to Rs 58.09 crore in the corresponding quarter in the last fiscal.

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