The India-based company posted second quarter net profit of INR539m ($9.7m) compared to INR188m in the corresponding period of 2011.
Revenue also improved 38% year-on-year to INR9.25bn during the quarter.
“The company has maintained performance despite challenging market conditions. While the sea transportation business will leverage on long term contracts, the oilfields services business is gearing itself to benefit from the firm market conditions,” said AR Ramakrishnan, managing director of Essar Shipping.
Essar Shipping operates a fleet of 25 vessels including bulk carriers and oil tankers.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
