Essar Shipping third quarter net loss widens to Rs 182 crore

Essar Shipping on Monday said its consolidated net loss widened to Rs 181.88 crore in the third quarter ended December 2020.

The company had reported a loss of Rs 95.29 crore in the corresponding quarter a year ago, it said in a regulatory filing.

Its total income from operations in the December 2020 quarter declined to Rs 103.02 crore, against Rs 387.62 crore in the year-ago period.

The firm’s total expenses stood at Rs 284.85 crore, compared to Rs 469.54 crore in the same period of previous fiscal.

The company said its board has approved appointment of Sumit Agarwal as additional director (Non-executive) on the Board of the company with immediate effect.

The board also approved appointment of Natesan Srinivasan (Non-Executive – Independent Director) as Chairperson of the Board with immediate effect.

Source: PTI