Ruias-led Essar Oil reported a net profit of Rs 29 crore during 2009-10 against a loss of Rs 514 crore the previous year. But the company’s net profit in the fourth quarter ending March 31 witnessed a decline of nearly 73 per cent at Rs 180 crore, over the corresponding period a year earlier.
Essar Oil had a net profit of Rs 660 crore during the March quarter in the last financial year of 2008-09. Net sales of the company stood at Rs 10,650 crore during the last quarter of 2010 against Rs 6,985 crore of the same period last fiscal, Essar Oil said in a filing to the Bombay Stock Exchange (BSE).
Essar Oil also said its Board of Directors, at its meeting held on April 13, has approved the resignation of Ravikant N. Ruia, vice-chairman, from the Board with effect from March 30.
Asked to comment on Ruia’s resignation, a spokesperson said, “Since he (Ravi Ruia) is spending most of his time internationally to oversee the
group’s growth, he is left with little time. He resigned from Essar Oil’s and Essar Shipping’s board on April 1.”