Essar Oil Q3 net loss at Rs 3,986

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Essar Oil Q3 net loss at Rs 3,986
Essar Oil has posted a net loss of Rs 3,986 crore for the quarter ended December 31,2011. Revenues stood at Rs 44,80 crore, compared to Rs 38,273 crore corresponding period of the last year.

On Friday, the shares of the company closed at Rs 68.05 lower by Rs 0.05 or 0.07%.

"The company registered a net loss of Rs 3,986 crore for the third quarter of the current fiscal on account of an exceptional debit of Rs.4,051 crore towards reversal of sales tax deferral income accounted during May 2008 to December 2011 pending decision on its review petition in the Supreme Court," the company said in a statement.

EBITDA stood at Rs 490 crore from Rs 827 crore on a  quarter-on -quarter basis, whereas, it stood at Rs1,663 crore, against RS1,868 crore year-on-year.

On Jan 17, 2012, the Supreme Court had set aside a Gujarat High Court judgment permitting Essar Oil to avail sales tax deferral benefit from the state government.

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