Essar Shipping consolidated net profit maintained at Rs35.80 crore for FY13
Essar Shipping Limited (ESL) announced its audited financial results for the quarter ended March 31, 2013. The above results were taken on record at the meeting of the Board of Directors of the company held on May 28, 2013, said in the company's press release.
Annual consolidated results highlights:
• The company reported a net profit of Rs35.80 crore in FY 2013 as against Rs36.83 crore in FY12.
• Revenue increased by 16% to Rs3,298.08 crore in FY 2013 as against Rs2,854.51 crore in FY12.
• EBITDA increased to Rs865.06 crore in FY 2013 as against Rs752.50 crore in FY12, registering an increase of 15%.
The shipping business has faced challenges due to the depressed markets and freight levels globally. The robust performance of the oilfields services business has enabled the company to maintain its consolidated profitability in line with the previous year.
Q4 FY 2013 consolidated financial highlights:
During Q4 FY 2013, the company registered consolidated revenue of Rs782.29 crore, and EBITDA of Rs173.15 crore. For the corresponding period last year the company had registered revenues of Rs845.21 crore, EBITDA of Rs248.27 crore.
Segmental results
For the year ended 31 March 2013, the Sea Transportation business registered revenue of Rs1,584.12 crore in FY 2013, up 24% from Rs1,280.28 crore for the corresponding period in the previous year and EBITDA of Rs356.58 crore as against Rs457.19 crore in the previous year. The reduction in EBITDA was largely on account of lower realisations due to reduced freight rate levels.
Comment from Captain Anoop Sharma Director & CEO, Sea transportation Business -
"During the year the company has taken delivery of all its six mini cape dry bulk carriers built at STX Shipyard. 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."
Oilfields Services business revenues increased by 63% year-on-year to Rs678.35 crore in FY 2013 from Rs416.44 crore for the corresponding period in the previous year. EBITDA for the year increased by 93% to Rs438.41 crore from Rs227.25 crore.
The Logistics business revenue stood at Rs1,035.61 crore for FY 2013 against Rs1,157.79 crore for corresponding period in the previous year.
