Essar Oil slips into red, sales dips by 24%
Our Bureau MUMBAI THE Ruias-owned Essar Oil on Saturday slipped into the red in the September quarter because on lower sales and poor refinery margins. The company has suffered a net loss of Rs 94 crore in September quarter against a net profit of Rs 26 crore in the year-ago period. Total sales, during the period, dipped by 24% to Rs 11,144 crore. The company’s 10.5 million tonnes per annum refinery at Vadinar in Gujarat reported a refining margin—income from processing every barrel of crude oil— of $4 per barrel against $6.6 per barrel during the corresponding previous quarter. It has reported a forex loss of Rs 80 crore against a forex gain of Rs 66 crore. Essar Oil has valued its inventory lower by Rs 55 crore, leading to increase in loss before tax, thanks to a change in its method of inventory valuation, said Essar Oil in its regulatory filing to stock exchanges. During the quarter, the company tied up a debt of Rs 4,600 crore for the upgradation of the refinery to 16 mmtpa, the company said in a media statement. --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en -~----------~----~----~----~------~----~------~--~---
