Es­sar Ship­ping re­ports June quar­ter net loss

The Pak Banker - - COMPANIES/BOSS -

DELHI: Es­sar Ship­ping Ltd on Fri­day re­ported a con­sol­i­dated net loss of Rs.115.71 crore for the quar­ter ended 30 June. The com­pany's con­sol­i­dated net loss in the cor­re­spond­ing pe­riod of the pre­vi­ous fis­cal was Rs.140.16 crore, Es­sar Ship­ping said in a reg­u­la­tory fil­ing.

Its to­tal in­come de­clined to Rs.425.88 crore, over Rs.496.47 crore in the year-ago pe­riod. To­tal ex­penses de­clined to Rs.481.40 crore, over Rs.594.60 crore in the cor­re­spond­ing quar­ter of FY15. The rev­enue from fleet op­er­at­ing and chart­ing dur­ing the quar­ter dropped to Rs.204.33 crore, over Rs.214.25 crore in the year-ago pe­riod.

In view of the re­cent volatil­ity in crude oil prices, cur­rent eco­nomic sce­nario and eval­u­a­tion of pos­si­ble upgra­da­tion and uti­liza­tion of rigs, var­i­ous op­er­a­tional as­sump­tions for long-term pro­jec­tions are be­ing as­sessed in de­tail by the man­age­ment, it added. "Pend­ing con­clu­sion of the said as­sess­ment, the re­cov­er­able amounts of the good­will and rigs are not yet es­ti­mated and ac­cord­ingly, pro­vi­sion for im­pair­ment of the good­will and rigs, if any, has not been recog­nised as on June 30, 2015...,"it said. Shares of the com­pany closed at Rs.20.20 apiece on BSE, down 0.98% from the pre­vi­ous close.

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