Essar Shipping has reported a fall in net profit for the quarter that ended on March 31, 2006 to touch Rs 31.29 crore, as against Rs 120.12 crore reported in the corresponding quarter of the previous fiscal. During the quarter, its income was Rs 210.64 crore, as against Rs 232.76 crore in the corresponding period of the previous fiscal.
The company has attributed the fall in profit due to lower availability of shipping fleet, after sale of four Suezmax tankers during the fiscal. The company had acquired two modern double-hull Very Large Crude Carriers during the quarter. The companys consolidated income for the whole year was Rs 1,021.50 crore, as against Rs 1,101.95 crore in the previous fiscal. The net profit during the year was Rs 388.90 crore, as against Rs 456.27 crore in the previous fiscal.