London Stock Exchange-listed energy giant Essar Energy has reported remarkably strong jump in revenues and operating profit for the six-month period ended September 30.
In the April-September period, Essar Energy's revenues jumped 97 per cent from the previous eight months to settle at $12.84 billion, thanks to its acquisition of Shell's Stanlow refinery. Essar Energy had acquired Stanlow refinery in July last year for $350 million.
Essar Energy, which is promoted by Ruia brothers Ravi Ruia and Shashi Ruia, has announced a pre-tax loss of $1.15 billion during the 15 months till March 2012.
The company has moved from accounting period till the month of December to the April-March accounting period and has thus reported the results for a period of 15 months. London-listed Essar blamed the negative ruling by the Supreme Court in a tax case for the pre-taxation loss during the period.
- Oil firms falls as government considers export parity pricing model
- Essar Oil to sign $1 billion financing co-operation deal with CDB
- ONGC may sell stakes in deep-water blocks to Shell
- Huge scope for improving Indian shale gas estimates: ONGC
- HPCL Visakha refinery suffers major fire due to short circuit