Aban Offshore's subsidiaries drag Q4 numbers down
Bhagyashree Vivarekar / 24 May 2016
India’s offshore oil exploration and production company Aban Offshore has reported a consolidated net loss for the second straight quarter amid decline in the International Crude oil prices. The loss was in the wake of poor performance by the subsidiaries. Otherwise Aban’s standalone net profit has grown by 11 per cent QoQ and nearly 783 per cent YoY to Rs 104.90 crore.
India’s offshore oil exploration and production company Aban Offshore has reported a consolidated net loss for the second straight quarter amid decline in the International Crude oil prices. The loss was in the wake of poor performance by the subsidiaries. Otherwise Aban’s standalone net profit has grown by 11 per cent QoQ and nearly 783 per cent YoY to Rs 104.90 crore.
Company’s consolidated net sales for Q4FY16 have come in at Rs 629.3 crore as against Rs 733.6 crore, a decrease of 14.2 per cent. However, its Wind Energy segment has posted a rise in net sales from Rs 12.99 crore in the last quarter to Rs 20.96 crore in Q4FY16. EBITDA has plunged 7.9 per cent at Rs 339.11 crore as against Rs 363.03 crore in the last quarter. Company has posted a Net loss of Rs 119.19 crore as against a loss of Rs 86.17 crore in the last quarter.
The Year on Year (YOY) results show that, Company’s consolidated net sales have dropped 36.5 per cent from Rs 991.38 crore in the same quarter last year. EBITDA of company has declined by 43.8 per cent from Rs 602.96 crore posted during the corresponding quarter of last year. Net profit for Q4FY15 is at Rs 113.54 crore.
On a yearly basis Aban has posted consolidated net sales at Rs 3334.55 crore for the year ended March 2016 compared to Rs 4040.84 crore in March 2015, a decrease of 17.5 per cent. Company has posted a decline in net profit by 90.6 per cent to Rs 51.27 crore in FY16 from Rs 544.94 crore in FY15.
Aban Offshore Limited deals in offshore drilling and production services and also wind power generation. It provides its services to companies engaged in exploration, development and production of oil and gas both in domestic and international markets through various subsidiaries.
The stock of Aban Offshore has declined 2 per cent to Rs 192.7 post results today. Aban is planning to raise 400 million USD through FCCBs (foreign currency convertible bond) GDRs (global depository receipt) and Rs 2500 crore through QIBs (qualified institutional buyer).
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