Aban Offshore slips 4% as company reports net losses in Q3

NEW DELHI: Shares of Aban Offshore slipped over 4 per cent after the company reported a net loss of Rs 88.7 crore for the quarter ending December 30, 2015 as lower incomes weighed on the bottom line. The drilling contractor had reported net profits of Rs 130 crore for the same quarter a year ago.

On a standalone basis, the company posted net profit of Rs 94 crore compared with Rs 56.7 crore for the same period a year ago.

For minute-by-minute market/stock updates, follow our Twitter handle @ETMarkets

Reacting to the earnings, the scrips of the company fell 4.15 per cent to hit a low of Rs 182.25 on the BSE. The stock has slumped 64 per cent from its 52-week high of Rs 519.5 hit in March, 2015.

Total income of the company declined from Rs 1,016.45 crore to Rs 737.44 crore during the quarter under review, signifying a 27.45 per cent drop in top line.