Essar Shipping on Wednesday reported a consolidated net loss of Rs 5.59 crore for the quarter ended December 2021.
The company had reported a loss of Rs 181.88 crore in the corresponding quarter a year ago, it said in a regulatory filing.“);]]>
Its total income from operations during October-December 2021 quarter declined to Rs 93.72 crore, against Rs 103.02 crore in the year-ago period.
The firm’s total expenses dropped to Rs 119.50 crore, compared with Rs 284.85 crore a year ago.
Essar Shipping said that in line with the approval granted by the shareholders, it has monetised its fleet of vessels.
The proceeds of the vessels are being utilised to reduce the debt to its secured lenders, the company said.
With this monetisation and upon satisfaction of other conditions, Essar Shipping’s obligation to its lenders will reduce by about Rs 1,100 crore, it added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.