Essar Shipping Q4 net loss narrows

Essar Shipping said its consolidated net loss narrowed to Rs.151.66 crore for the quarter ended March 31, 2016. The firm had posted a net loss of Rs.159.69 crore in the year-ago period, it said in a filing. Total consolidated income of the firm, however, rose to Rs.445.62 crore in January-March quarter of the last financial year from Rs.426.51 crore during the same quarter in 2014-15. The firm indicated that it may have to take an impairment on certain assets related to the Oilfields Services Business. In the filing, Essar Shipping said, ´Goodwill of Rs.6,062.56 crore on consolidation in the financial statements of the Group pertains to the Oilfields Services Business.´ In a separate filing, the company said its board has in-principle approved to sale of up to 51 per cent shares in its subsidiary, Arkay Logistics, subject to approvals.