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Essar Shipping Dec quarter net jumps 69% on ports, oilfields biz

Essar Shipping Dec quarter net jumps 69% on ports, oilfields biz
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First Published: Fri, Jan 29 2010. 07 25 PM IST
Updated: Fri, Jan 29 2010. 07 25 PM IST
Mumbai: Sea logistics firm Essar Shipping Ports & Logistics Ltd’s Oct-Dec net profit jumped 69% helped by strong growth in ports and oilfields businesses.
Profits jumped to Rs22 crore on sales of Rs812 crore in Oct-Dec quarter against a net profit of Rs13 crore on sales of Rs565 crore, a year ago.
“Once we complete the planned investments of around $1.8 billion over next 2-3 years, almost 50% of our business will come from ports segment,” V Ashok, director, Essar Shipping, told a news conference on Friday.
The shipping and oilfields business would then contribute half the total business, Ashok said.
The company is looking to expand its oilfields business to Brazil, Vietnam and Myanmar.
“Once the planned jack-up rigs are delivered in 2011, we will look at deployment on a long-term contractual basis,” said another director, AR Ramakrishnan.
Essar Shipping shares ended up 2.82% at Rs71.05 in a stockmarket that closed up 0.31%.
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First Published: Fri, Jan 29 2010. 07 25 PM IST