Shipping Corporation March quarter profit plunges; share close 1 pct higher

The country's largest shipping liner SCI Tuesday saw its standalone net profit nosedive 81.92 per cent to Rs 45.99 crore for the quarter ended March 31. The state-owned Shipping Corporation of India (SCI) had clocked a standalone net profit of Rs 254.47 crore for the corresponding period a year ago, it said in a regulatory filing to the BSE.

The company's total standalone income rose to Rs 1,102.51 crore during the January-March quarter as against Rs 953.25 crore in the year-ago period. Its total expenses, however, declined to Rs 1,065.38 crore during the fourth quarter as against Rs 977.05 crore a year ago. The company did not provide consolidated quarterly figures.

On an annual basis, it recorded a consolidated loss of Rs 62.66 crore. It had achieved a consolidated profit of Rs 306.50 crore in 2017-18.

Starting out as a marginal liner shipping company with just 19 vessels, SCI has now evolved into the country's largest shipping company. SCI's-owned fleet includes bulk carriers, crude oil tankers, product tankers, container vessels, passenger-cum-cargo vessels and Offshore Supply Vessels.

As the country's premier shipping line, SCI owns and operates around one-third of the Indian tonnage, and has operating interests in practically all areas of the shipping business; servicing both national and international trades.