Essar Shipping Limited announced earnings results for the third quarter and nine months ended Dec. 31, 2012. For quarter, the company reported revenue of INR 7,926.6 million, EBITDA of INR 2,216.8 million and net profit of INR 178.5 million as compared to revenue of INR 7,292 million, EBITDA of INR 2,422.9 million and net profit of INR 486.5 million during the corresponding quarter of the previous 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.

Revenue increased by 25.21% to INR 25,157.9 million in 9 months ended Dec. 31, 2012 as against INR 20,093 million in the corresponding period in the previous year. EBITDA increased to INR 6,919.1 million in 9 months ended Dec. 31, 2012, as against INR 5,042.1 million in the corresponding previous period, registering an increase of 37.23%, largely contributed by better realisation in the Oilfields Services business. The company reported a net profit at INR 357.5 million as against a loss of INR 181.7 million in the corresponding period in the previous year.