SCI first quarter net profit jumps 60 per cent to Rs191crore news

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

31 Jul 2010

Shipping Corporation of India Ltd (SCI) has reported a 60 per cent year-on-year increase in its fiscal first quarter (April-June 2010-11) net profit at Rs191.49 crore compared with Rs119.92 crore in the year-ago quarter (ended 30 June 2009). Total income of the country's largest shipping company during the quarter was marginally up at Rs1,007.72 crore against Rs1,000.5 crore in the previous-year quarter.
Net income from operations stood at Rs9,065.2 crore against Rs8,827.9 crore in the year-ago quarter and Rs34,631.2 crore in the whole of the previous year (2009-10). 
During the quarter, operating cost of the company rose mainly due to higher bunker charges, which went up to Rs1,986.5 crore from Rs1,511.3 crore in the April-June 2009 quarter. SCI paid a total of Rs7,359.3 crore in bunker charges for the whole of the previous financial year.
Port dues were lower at Rs693.8 crore in the April-June 2010 quarter against Rs797.9 crore in the year-ago quarter and Rs3,054.5 crore for the 2009-10 financial year.
Cargo handling expenses were also lower during the April-June 2010 quarter at Rs501.5 crore against Rs820.7 in the year-ago quarter. It was Rs2,517.0 crore during the 2009-10 financial year.
Source: Overall expenditure was lower at Rs7849.2 crore during the April-June 2010 quarter compared with Rs8,390.3 crore in the previous year quarter. SCI incurred total expenditure of Rs33,741.9 crore in the 2009-10 financial year.
Profit from ship sales was lower at Rs154.9 crore in the April-June 2010 quarter against Rs242.8 crore in the year-ago quarter. SCI earned Rs1,225.2 crore through sale of old ships in the previous year.
During the quarter ended 30 June 2010, SCI sold one 40,976 DWT product tanker vessel (Major Hoshiar Singh).
Subsequently, the company took delivery of one new 73,368 DWT product tanker (Swarna Sindhu), sold one 40,848 DWT product tanker (Lance Naik Albert Ekka) and sold one 67,185 DWT crude oil tanker (Major Shaitan Singh).

Source: Domain-b