Essar Oil Posts Loss Despite Rising Revenues
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Wednesday, 02 November 2011 |
Essar Oil has posted a loss of Rs166 crore from the second quarter of its financial year, down from a net profit of Rs13,148 crore from the same period last year. The total revenue achieved by the company, however, grew by 24% from last year to Rs13,148 crore.
Despite the loss, CEO and Managing Director Naresh Nayyar was optimistic that the company would benefit from improvements introduced in recent months. "The company is at the threshold of achieving a quantum jump in its GRM (Gross Refining Margin), as our Vadinar refinery expansion project is now under start-up,” he said. "The expanded refinery with much higher complexity will be fully operational in Q1 of 2012. This will give a boost to our overall cash flow and bottom line, giving us strong operational and financial flexibility,” added Nayyar.
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