From correspondents in Delhi, India, 05:00 PM IST

Essar Shipping Ports and Logistics Ltd posted a turnover of Rs.223.7 billion ($557.75 million) in 2007-08, reflecting a 33 percent rise in revenues over last year, it said Friday.

Its EBITDA or Earnings Before Interest, Taxes, Depreciation and Amortization went up 107 percent to Rs.7.77 billion ($193.65 million), while net profit rose from Rs.1.58 billion ($36.04 million) to Rs.2.77 billion ($69.17 million).

The results include the nine-month revenue of its subsidiary, Vadinar Oil Terminal Ltd, which stood at Rs.1.4 billion ($35.01 million).

The company has committed investments of over Rs.100 billion ($2.5 billion) over the next three years. This would result in annual contracted revenues of Rs.360 billion ($900 million) for Essar Shipping.

The company will focus on leveraging its investment in the port, logistics, oilfield services and shipping sectors, Essar Shipping managing director Sanjay Mehta said.

(Staff Writer, © IANS)