Essar Shipping Slides into Rs 34.53 Crore Loss in Q1 2024
Essar Shipping reported a consolidated loss of Rs 34.53 crore in Q1 2024, contrasting with a profit of Rs 26.13 crore in the same quarter last year. Their total income dropped to Rs 11.57 crore, while expenses rose to Rs 40.56 crore. The company’s liabilities exceed its assets as of June 30, 2024.
Essar Shipping on Thursday reported a consolidated loss of Rs 34.53 crore in the first quarter ended June 2024.
The company had clocked a profit of Rs 26.13 crore in the corresponding quarter a year ago, the company said in a regulatory filing to the BSE.
Its total income from operations in the June quarter declined to Rs 11.57 crore, against Rs 48.48 crore in the year-ago period.
The firm's total expenses stood at Rs 40.56 crore, compared to Rs 30.47 crore in the year-ago period.
The company said it's current liabilities, including outstanding portion of Foreign Currency Convertible Bonds (FCCB) which have fallen due for redemption, exceed its current assets as on June 30, 2024.
(With inputs from agencies.)
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