Essar Shipping today reported a consolidated net loss of INR2.4bn ($40.8m) for the year ending 31 March 2014, compared with a profit of INR 358m in2013 as its fourth quarter result again deteriorated.
The company said its net losses were INR 1.7bn in the final three months of the year – worsethan in the third quarter when they were INR 862m.
The company which operates 24 mainly dry bulk vessels, including two VLCCs,three capesize bulkers and two supramaxes, said it was looking for an upturn inthe second half of this calendar year when it reported last in February.
However, sources in Indian financial circles say the EssarGroup, controlled by billionaire brothers Shashikant and Ravikant Ruia isconsidering delisting all its publicly traded units and plans to sell someassets, according to a report in the Live Mint financial newspaper.
The group plans to take its ports, shipping and oilcompanies private over the next couple of years as it considers themundervalued, according to the reports. The Ruias are already in the process ofdelisting Essar Energy from the London Stock Exchange.
Essar Shipping’s core fleet operating and charteringoperations reported a net loss of nearly INR 1.2bn in the final quarter comparedwith an INR 350m profit in the same period a year before.
Its shares rose to INR 23.5 from about INR19.5 today on theBombay Stock Exchange before falling back to INR22.5.
