Essar Oil announces Q2 results

Essar Oil Ltd has announced the following Unaudited results for the quarter ended September 30, 2009:

The Company has posted a net loss of Rs (940) million for the quarter ended September 30, 2009 where as the same was at net profit of Rs 260 million for the quarter ended September 30, 2008. Total Income is Rs 96030 million for the quarter ended September 30, 2009 where as the same was at Rs 136910 million for the quarter ended September 30, 2008.

The results for the quarter/ period ending on September 30, 2009 are not comparable with those of the previous quarter/ period in view of

(i) The financial results of refinery operation considered only for 5 months for the period ended September 30, 2008 in view of start of commercial production of refinery w.e.f. May 01, 2008.

(ii) The Company for its quarter/ period ending as on September 30, 2008 had not made any provision towards unrealised foreign currency exposure and derivative contracts.