Shipping Corp Q1 net profit declines nearly 53 pc to Rs 158.51 crore

State-owned Shipping Corporation of India Ltd (SCI) has reported a 52.94 percent decline in consolidated net profit to Rs 158.51 crore for the first quarter of the current fiscal.

The company had clocked a consolidated net profit of Rs 336.87 crore in the corresponding period a year earlier, it said in a regulatory filing on Tuesday.

Its total income declined to Rs 1,048.47 crore in the latest June quarter as against Rs 1,178.43 crore in the year-ago period.

The company's total expenses during the quarter under review increased to Rs 899.25 crore from Rs 846.85 crore in the same period last year. Shipping Corporation said the impact of the second wave of the COVID-19 continued in the first quarter of 2021-22.

The government is selling its entire 63.75 percent stake in the company along with the transfer of management control.

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