Essar Shipping sales rise 33 percent to Rs.223 bn

June 20th, 2008 - 5:30 pm ICT by IANS  


New Delhi, June 20 (IANS) Essar Shipping Ports and Logistics Ltd posted a turnover of Rs.223.7 billion ($557.75 million) in 2007-08, reflecting a 33 percent rise in revenues over last year, it said Friday. Its EBITDA or Earnings Before Interest, Taxes, Depreciation and Amortization went up 107 percent to Rs.7.77 billion ($193.65 million), while net profit rose from Rs.1.58 billion ($36.04 million) to Rs.2.77 billion ($69.17 million).

The results include the nine-month revenue of its subsidiary, Vadinar Oil Terminal Ltd, which stood at Rs.1.4 billion ($35.01 million).

The company has committed investments of over Rs.100 billion ($2.5 billion) over the next three years. This would result in annual contracted revenues of Rs.360 billion ($900 million) for Essar Shipping.

The company will focus on leveraging its investment in the port, logistics, oilfield services and shipping sectors, Essar Shipping managing director Sanjay Mehta said.

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