BackEssar Shipping June quarter net loss at `116 crore
Total income declined to `425.88 crore, over `496.47 crore in the year-ago period
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New Delhi: Essar Shipping Ltd on Friday reported a consolidated net loss of ₹ 115.71 crore for the quarter ended 30 June.
The company’s consolidated net loss in the corresponding period of the previous fiscal was ₹ 140.16 crore, Essar Shipping said in a regulatory filing.
Its total income declined to ₹ 425.88 crore, over ₹ 496.47 crore in the year-ago period. Total expenses declined to ₹ 481.40 crore, over ₹ 594.60 crore in the corresponding quarter of FY15.
The revenue from fleet operating and charting during the quarter dropped to ₹ 204.33 crore, over ₹ 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 ₹ 20.20 apiece on BSE, down 0.98% from the previous close.
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