Sea logistics firm Essar Shipping Ports & Logistics Ltd’s Oct-Dec net profit jumped 69 percent helped by strong growth in ports and oilfields businesses.

Profits jumped to 220 million rupees on sales of 8,120 million rupees
in Oct-Dec quarter against a net profit of 130 million rupees on sales
of 5,650 million rupees, a year ago.

“Once we complete the planned investments of around $1.8 billion over
next 2-3 years, almost 50 percent of our business will come from ports
segment,” V Ashok, director, Essar Shipping, told a news conference on
Friday.

The shipping and oilfields business would then contribute half the total business, Ashok said.

The company is looking to expand its oilfields business to Brazil, Vietnam and Myanmar.

“Once the planned jack-up rigs are delivered in 2011, we will look at
deployment on a long-term contractual basis,” said another director,
A.R. Ramakrishnan.

Essar Shipping shares ended up 2.82 percent at 71.05 rupees in a Mumbai market that closed up 0.31 percent.

Source: Reuters

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