Oilfield services biz push up Essar Shipping net to Rs 21 cr

Written by fe Bureau | Mumbai | Updated: Jan 30 2010, 05:44am hrs
Essar Shipping Ports and Logistics Ltd (ESPLL) has reported a huge surge in net profit to the tune of Rs 21.85 for the quarter ended December 31, 2009, as against Rs 2.2 crore in the previous quarter of the same year. ESPLL has seen strong contribution from our ports and oilfields business towards the bottomline. We have been looking at long term contracts of about 3-5 years which secures us from the market risks, said V Ashok, director, ESPLL. The companys revenues rose 19% to Rs 800.85 crore in December 2009 quarter as compared to Rs 671.4 crore in the September 2009 quarter. During the quarter, the company has achieved significant contribution from oilfields services business. EBITDA during the same period stood at Rs 279 crore. In the quarter, ESPLL has achieved financial closure for Rs 1,210 crore for two new building jack-up rigs contracted by Essar Oilfields Services Ltd.

GE Shipping profit declines 13% on lower yields

Great Eastern Shipping Company Ltd (G E Shipping), provider of shipping and offshore services in India and worldwide, reported a decline of 13% in net profit to Rs 94.3 crore for the December 31, 2009, quarter as compared to Rs 108.4 crore in the previous quarter. Meanwhile, the companys revenues during the quarter slid to Rs 706.2 crore as against Rs 716.5 crore in the September 2009 quarter. The operating profit (PBDIT) excluding gain on sale of ships was down 57%. This was mainly on account of lower time charter yields realisations during the quarter and to some extent on account of lower revenue days due to a lower fleet capacity.