Essar Ports net profit at Rs 70.15 cr in 2010-11

Essar Ports, the demerged entity of erstwhile Essar Shipping, Ports and Logistics Limited, has posted a consolidated net profit of Rs 70.15 crore for the year ended March 31, 2011.

The total operating income of the company in 2010-11 stood at Rs 1,940.81 crore, the company said in a filing to the Bombay Stock Exchange.

Of this, earnings from fleet operations and chartering contributed about Rs 636.68 crore, while the contribution of its port and terminal services was Rs 698.91 crore.

However, the results are not comparable as the company has not included results of Shipping, Logistics and Oilfield Services businesses, which has been hived off to another entity, Essar Shipping Limited, from October 1, 2010, the filing added.

It further said that pursuant to demerger scheme, which became effective from May 09, 2011, the authorised share capital of the company stands reduced to Rs 1,010.50 crore from Rs 1,510.50 crore prior to the scheme and the company has been renamed as Essar Ports Limited.

Besides this, Essar Bulk Terminal Paradip Ltd has become a subsidiary of the company from March 31, 2011, the filing said.