Essar Shipping reports profits of Rs.75 crores for Q4 FY 2017

Posted by Daily Shipping Times on 08-06-2017        Tweet

MUMBAI : Integrated logistics solutions provider, Essar Shipping Limited has returned to Rs 75.27 crore Profit After Tax for March 31 ended 2017 quarter against the net loss of Rs 35.62 crore logged during March 31 ended 2016 quarter. The total income from operations for the current quarter review rose to Rs 306.49 crore vis-à-vis total income of Rs 208.71 grossed during year ago quarter. During the review quarter the total expenses of the company declined to Rs 229.35 crore versus Rs 243.57 crore total expenses registered during corresponding quarter of previous year.

During the quarter ended 31st March 2017, the company has entered into a sale and leaseback arrangement with respect to a dry bulk carrier to its wholly owned subsidiary Essar Shipping DMCC, UAE and the resultant profit of Rs 2.48 crore has been amortised over the lease period.  During the review quarter, the company has sold 51% stake in Arkay Logistics Limited (ALL). ALL was 100 per cent owned till the previous quarter. Consequently, ALL ceased to be a subsidiary of the company and has become an associate. Subsequent to 31stMarch 2017, the company has acquired a Panamax dry bulk carrier (74,005 DWT) and entered into a Memorandum of Agreement for sale of a capsize dry bulk carrier 152,065 DWT.