Essar Oil Ltd Q1 net loss at Rs.5.67 Crores

Essar Oil Ltd has announced the UnAudited Financial Results for the quarter ended June 30, 2007.

The Company has posted a net loss of Rs.56.7 million for the quarter ended June 30, 2007 where as the same was at Rs.269.9 million for the quarter ended June 30, 2006. Total Income is Rs.1979.5 million for the quarter ended June 30, 2007 where as the same was at Rs.416.6 million for the quarter ended June 30, 2006.

The company reported an Earnings Per Share (EPS) of Rs.-0.05 for Quarter ended June 30, 2007 compared to Rs.-0.25 reported during Quarter ended June 30, 2006.

During the quarter, the construction work on balance units of the Refinery project continued. Expenses and income of the trial run of the some of the units are treated as part of Expenditure During Construction for ultimate capitalization as per the Guidance Note on Treatment of Expenditure during Construction period issued by the Institute of Chartered Accountants of India. The results for the quarter relate to the trading operation of the Company.

Source : Equity Bulls

Keywords