Essar Shipping reports June quarter net loss
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.