Essar Ports: Results for Quarter Ended December 2012 (India)

Essar Ports Ltd., part of the Essar Group, today announced its unaudited results for the quarter ended December 2012.

Operational highlights:

– The company commissioned the state of the art 16 MMTPA Dry Bulk Terminal at Paradip, with a fully mechanized ship loading system with a capacity of 5,000 tons per hour. It is one of the most modern terminals of its type in India, connected to the stockyard by a 9km long covered conveyor system having a capacity of 5,000 tons per hour. The fully mechanized stock yard has 2 Reclaimers with a capacity of 2500 tons per hour each.

– During Q3 FY13, the company’s terminals handled a record 180 ships, as against 114 ships handled for the corresponding quarter the previous year.

– The company’s commitment towards Health, Safety & Environment was highlighted with the company winning the following awards:

– Award for Outstanding Environment Protection at the India Shipping Summit for innovation and best practice in minimizing marine pollution and the protection of marine environment for Vadinar Oil Terminal.

– Port / Terminal of the year award in the field of Health Safety & Environment at the Gujarat Star Awards 2012 for Vadinar Oil Terminal.

Speaking on the key highlights for the quarter, Mr. Rajiv Agarwal, Managing Director, Essar Ports Ltd. said: “With the commissioning of the Paradip Dry Bulk Terminal, and significant progress in our ongoing projects, we have completed almost 80% of our committed capital expenditure plan. We have grown appreciably in revenues and cargo handling during the year, we hope this trend to continue in the coming few years as our planned projects keep getting commissioned and cargo keeps growing.”

[mappress]

Press Release, January 17, 2013