Essar Shipping Q1 net loss widens to Rs 58 crore

NEW DELHI: Essar Shipping today reported widening of its standalone net loss to Rs 57.8 crore for the quarter ended June 30, 2017.

Its standalone net loss in the corresponding quarter of the previous fiscal was Rs 50.4 crore, Essar Shipping said in a filing to the BSE.

According to a company official, its net loss widened due to foreign exchange losses.

However, standalone total income from operations increased marginally to Rs 188 crore, over Rs 186.6 crore in the year-ago period.

Total expenses of the company increased to Rs 245 crore, over Rs 236 crore in the corresponding quarter of previous fiscal.

Essar Shipping is an integrated logistics solution provider with investments in logistics services, sea transportation and oilfield drilling services.