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Essar profit rises 26.5% on ports business growth

Essar profit rises 26.5% on ports business growth

Mumbai: Essar Shipping Ports and Logistics registered a 26.5% quarterly growth in net profit for its third quarter of fiscal year 2011 on strong contribution from its ports division. The India-based firm took net profit of 276.4m rupees ($6.06m) in the third quarter compared to 218.5m rupees in the same period of the previous year. Revenue for the quarter grew 2.7% to 8.34bn rupees from 8.13bn rupees.

"Ports business continued to contribute strongly to the growth in revenue and profitability of the company," said Rajiv Agarwal, managing director and ceo of Essar. "In the shipping business our strategy of long term charter of the vessels played as a natural hedge against the cyclical nature of the industry," he added. During the nine months of current financial year, the ports division handled 29.27m tonnes of cargo as against 21.69m tonnes during the same period last year. [07/02/11]

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