NEW DELHI: Despite a 72% slide in its fourth quarter net, Essar Oil has posted a turnaround in the financial year ended March 2010. The Ruias-promoted firm, the second largest private refiner in the country, has reported a net profit of Rs 29 crore in the period under review against a net loss of Rs 514 crore in 2008-09.
The turnaround came about despite profit slipping to Rs 180 crore in the fourth quarter of 2009-10 from the Rs 660 crore in the previous corresponding period. Net sales stood at Rs 10,650 crore during the last quarter of 2009-10 against Rs 6,985 crore of the same period in the previous fiscal. "We saw refining margins bottoming out in the last quarter. With the margins improving this quarter, we are hopeful that the refining business is gradually coming out of the doldrums," Essar Oil CEO Naresh Nayyar said in a separate statement.
Full Story: Essar Oil in black despite 72% Q4 slide - Times of India
Manufacturer of Diesel Tanks India.
The result comes ahead of the planned London Stock Exchange listing of Essar Energy, Essar Oil's parent, with the aim of mopping up $2.5 billion through an initial public offering. The oil major also said its board of directors, at its meeting held on April 13, approved the resignation of vice-chairman Ravikant N Ruia from the board with effect from March 30.The turnaround came about despite profit slipping to Rs 180 crore in the fourth quarter of 2009-10 from the Rs 660 crore in the previous corresponding period. Net sales stood at Rs 10,650 crore during the last quarter of 2009-10 against Rs 6,985 crore of the same period in the previous fiscal. "We saw refining margins bottoming out in the last quarter. With the margins improving this quarter, we are hopeful that the refining business is gradually coming out of the doldrums," Essar Oil CEO Naresh Nayyar said in a separate statement.
Manufacturer of Oil Tanks India.
Full Story: Essar Oil in black despite 72% Q4 slide - Times of India
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