Essar Shipping Ltd has recorded 92 per cent rise in first-quarter net to Rs 71.15 crore (Rs 36.97 crore), the company said in a release.

Total income fell to Rs 273.10 crore (Rs 278.89 crore); it includes exchange gain of Rs 49.92 crore relating to liabilities on acquisition of fixed assets in terms of Accounting Standard 11, which has become effective from April 1, 2007. The EBITDA stood at Rs 118.25 crore (Rs 82.44 crore). The EBITDA margin on TCE basis was 54 per cent (63 per cent). Net interest and depreciation were Rs 22.15 crore (Rs 20.26 crore) and Rs 22.81 crore (Rs 23.21crore) respectively.