Essar Shipping posted a massive 100 per cent drop in its quarterly consolidated net profit on account of decreased income from its logistics services business.
The Mumbai-headquartered shipping company posted a net profit of Rs 5 lakh in the January to March period against Rs 55 crore a year ago.
Income from its logistics business fell 27 per cent to Rs 222 crore. Total income fell about 12 per cent to Rs 729 crore.
Consolidated results include the performance of two Indian and three overseas subsidiaries.
Full year
For the full financial year ended March 31, 2013, Essar Shipping reported a net profit of Rs 36 crore against Rs 37 crore reported in the previous fiscal.
Revenue increased by 16 per cent to Rs 3,298 crore during the financial year.
“The shipping business has faced challenges due to the depressed markets and freight levels globally,” the company said in a statement.
Shares of the company were trading at Rs 22.70, up 8.35 per cent on the Bombay Stock Exchange.