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( As on 30/05/2012 15:15)

Essar Ports slips into red; posts consolidated loss of Rs 61.5 cr

Essar Ports Ltd today reported the consolidated net loss of Rs 61.5 crore for the fourth quarter ended March 2012 versus the net profit of Rs 11.47 crore during the year ago period. Profits were hampered by an exceptional charge of Rs 235.51 crore during the quarter on account of interest liability recognized during the current quarter by Vadinar Oil Terminal Ltd, subsidiary of the company, in respect of interest of facility stoppage for the period April 24, 2007 to March 31, 2012. Besides, the total consolidated revenues of the company went up by 58 per cent to Rs 288.31 crore during Q4, 2011-12, as compared to Rs 182.64 crore during Q4, 2010-11. For the entire fiscal ended, Essar Ports’ consolidated net slipped to Rs 63.92 crore from Rs 70.15 crore during the previous fiscal. Shares of the company were quoting at Rs 89.90 a piece, down 0.11 per cent from previous close on BSE at 15:16 hours