Essar Oil reports £60m quarterly loss as refining margins shrink
ESSAR Oil reported a quarterly loss yesterday as refining margins weakened.
The company, which is 87.09 per cent-owned by India-focused Essar Energy, reported a loss of 5.15bn rupees (£60m) for the fourth quarter to 31 March, compared with a profit of 3.2bn rupees for the equivalent period last year. The company has been hit by weaker margins for its refining business as well while its financial year has been blighted by a shutdown at its Vadinar power generation operation which was hit by poor weather.
The company said refining margins had dropped from $5.29 to $4.60 in the latest quarter.