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Essar Shipping net rises to Rs 20 crore
Our Corporate Bureau
Mumbai, Nov 1: Essar Shipping has registered an increase in net profit to Rs 20.04 crore for the quarter ended September 2000 as against Rs 4.26 crore for the corresponding quarter last year. Net sales for the period, however declined by 6.7 per cent to Rs 91.75 crore from Rs 98.40 crore. Operating, gross and net margin improved to 48.3 per cent, 35.9 per cent and 21.8 per cent respectively from 39.9 per cent, 23.1 per cent and 4.3 per cent in the corresponding quarter.The improvement in margins was more on account of reduction in other expenditure by 37 per cent to Rs 35.56 crore. The increase in profit was on account of increase in net charter earnings and reduction in lease/bareboat rentals and interest cost, company sources said. The improvement in the crude tranportation leading to an increase in the World Scale to 200 plus from 125 plus is likely to benefit the company, sources said. Depreciation has been charged considering the useful life of fleet as 25 years instead of 20 years earlier. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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