Essar Shipping falls as Q3 profit plunge

Essar Shipping (ESL), part of the Essar Group, fell on Thursday after reportinga drop of 63.31% in consolidated net profit to Rs 178.5 million for the quarter ended Dec. 31, 2012 as compared to Rs 486.5 million in the same period last year.

The reduction in the profitability during the quarter has been on account of subdued freight rates in the crude oil transportation segment of the sea transportation business.

During the quarter, the company saw a rise of 8.64% in consolidated total income to Rs 7.92 billion from Rs 7.29 billion in the same quarter last year. Shares ofthe companyare trading at Rs 27, down Rs 0.45, or 1.64% at the Bombay Stock Exchange (BSE) on Thursday at 9:56 a.m.The scrip has touched an intra-day high of Rs 27.20 and low of Rs 26.60. The total volume of shares traded at the BSE is 6,585.In the earlier session, the shares lost 1.26%, or Rs 0.35, at Rs 27.45. Currently, the stock is trading down 24.16% from its 52-week high of Rs 35.60 and above 13.68% over the 52-week low of Rs 23.75.

Share Price Movement Period Pricein Rs Gain/(Loss) in Rs in % 1 Week 27.25 0.20 0.73 1 Month 27.20 0.25 0.92 3 Months 30.15 (2.70) (8.96) 6 Months 27.90 (0.45) (1.61) 1 Year 30.00 (2.55) (8.50) Note: Based on previous day closing price.