Essar Shipping Q1 results: Loss widens to Rs 103 cr

The company had clocked a loss of Rs 20.92 crore after share of profit/loss of associate in the corresponding quarter a year ago, the company said in a regulatory filing to the BSE.

Its total income from operations in the June 2020 quarter declined to Rs 149.40 crore, against Rs 350.22 crore in the year-ago period.
NEW DELHI: Essar Shipping on Thursday saw its consolidated net loss widen to Rs 103.22 crore in the first quarter ended June 30, amid the COVID-19 pandemic.

The company had clocked a loss of Rs 20.92 crore after share of profit/loss of associate in the corresponding quarter a year ago, the company said in a regulatory filing to the BSE.

Its total income from operations in the June 2020 quarter declined to Rs 149.40 crore, against Rs 350.22 crore in the year-ago period.


The firm's total expenses stood at Rs 242.80 crore, compared with Rs 375.62 crore in the year-ago period.

"COVID-19 has impacted the entire economy and business operations of the group, especially during the quarter under review," the company said.

It added that for the shipping business, due to the countrywide lockdown, it has impacted port and cargo operations. It led to delays in berthing of vessels, clearance of documents and movement of manpower and material resulting in demand reduction and utilisation of ships, the firm said.
ADVERTISEMENT

For the oilfield business, the impact has been significant, it added.

Efforts are being taken to mitigate the impact on the rig business, it said adding that there has been a considerable reduction in revenue of the group.

"The group has evaluated the possible effects from the pandemic on its liquidity position, inventories and receivables, and has concluded that no material adjustments are required at this stage in the consolidated financial results," the company said.
ADVERTISEMENT
READ MORE

READ MORE:

LOGIN & CLAIM

50 TIMESPOINTS

Related Companies

More from our Partners

Loading next story
Text Size:AAA
Success
This article has been saved

*

+