Essar Shipping Q1 loss at Rs 140.16 crore

Essar Shipping today reported a consolidated net loss of Rs 140.16 crore for the first quarter ended June 30, 2014 mainly on account of poor performances of its businesses.
The company had reported a consolidated net profit of Rs 19.41 crore for the April-June quarter of the last year.
Its total income from operations was down 5.12 per cent at Rs 496.47 crore during the quarter under review as against Rs 472.25 crore of the same period last fiscal.
Its logistics business reported over 23 folds jump to Rs 257.73 crore during the April-June quarter as against Rs 10.87 of the same period last fiscal

The oilfield services business plunged near seven folds to Rs 23.49 crore during the first quarter of this fiscal. It was Rs 162.88 crore in Q1 of 2013-14.