Essar Shipping Q2 loss increases to Rs 62 crore

The Dollar Business Bureau

Essar Shipping Ltd. on Tuesday announced it has incurred a standalone loss of Rs.61.95 crore for July-September quarter of 2016-17.

The company had reported a standalone loss after tax of Rs. 40.79 crore during the corresponding quarter of 2015-16, the shipping major said in a filing to BSE.

The company’s standalone total income from its operations fell to Rs.160.6 crore from Rs. 201 crore during the year-ago period.

The total expenses also fell to Rs.148.4 crore as against Rs. 220.8 crore during the corresponding quarter of previous financial year.

Essar's logistics provides end-to-end logistics services – from ships to ports, lighterage services to plants, intra-plant logistics and dispatching finished products to the final customer.

The company has transshipment assets to provide lighterage support services, and onshore and offshore logistics services. It currently manages a fleet of 5,000 trucks for the inland transportation of steel and petroleum products.

The promoters holding in Essar Shipping stood at 74.37%, while Institutions and Non-Institutions stood at 7.36 % and 17.49 % respectively.