Essar Shipping reported a net profit of INR358m ($6.38m) in the year ended 31 March 2013, down from INR368m in the previous financial year.
Revenue rose 14.3% year-on-year to INR32bn while the tax bill soared 90.6% to INR444m.
The Mumbai-listed company acknowledged a tough shipping market due to low freight rates and high operating expenses. Its oilfield services business, however, has enabled the company to maintain its consolidated profitability in line with the previous year.
“The company is now fully focused on managing operating costs effectively. Together with specific measures for interest cost reduction being pursued, these measures will strengthen the performance of the company in the coming months and help increase profitability,” said Anoop Sharma, ceo of Essar Shipping's sea transportation business.
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