 "Essar Shipping reports Rs 5.6-crore net loss for December quarter")
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.)
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