ESSAR Shipping- Net up at $48 mil for 1st half of the fiscal year.
essar.com
Essar Shipping posts Rs 10.64 cr H1 net
Sabarinath M
Mumbai, Oct 23: Essar Shipping Limited (ESL) has registered a net profit of Rs 10.64 crore for the half year ended on September 30, 1999, with an operating profit of Rs 102.26 crore.
The company has registered a total income of Rs 204.20 crore for the half year ended September 30, 1999. While the interest was at Rs Rs 31.41 crore, depreciation stood at Rs 32.25 crore. The company has reported an operating profit of Rs 102.26 crore for the first half ended September 30, 1999, with an operating margin of 50% said a release from the company.
Commenting on the results, BS Kumar, Managing Director, Essar Shipping Limited said, "the depression in the markets has drastically reduced operating margins for ship owners. However, the upturn in the bulk market and the projected upturn in the crude sector are encouraging. Predictions are for this upward trend to continue in the early months of the year 2000. ESL has recently concluded a $116 million, twelve-year loan facility from GE Capital Services StructuredFinance Group Inc., USA and Boeing Capital Corporation, USA. With this loan, the company has increased its average loan maturity from 3 years to 12 years, which would result in improved cash flows for the Company. ESL is the second largest Indian private sector shipping company with a fleet of 1.39 million DWT. As the owners of six double-hull modern Suezmax tankers, Essar is one of the largest owners and operators of crude tankers in the world. |
