Millennium Post

With `Rs 18.59-cr Q1 net, SCI on comeback trail

Shipping Corporation of India (SCI) on Monday declared its unaudited financial results for the first quarter (July-September) of the current financial year (2014-15),  posting a profit of Rs 18.59 crore compared to a loss of Rs 123.53 crore during the corresponding period of the previous fiscal (2013-14).

This has resulted in a cumulative profit of Rs 68.09 crore for Shipping Corporation of India for the fiscal half-year ended September 30, 2014, compared a loss of Rs.222.23 crore during the half year ended September 30, 2013. This is the third quarter in a row that Shipping Corporation of India has reported a profit after three consecutive years of losses. This has been possible due to better operational profitability and interest income. SCI currently owns 71 ships of 5.819 million dead weight tonnes and is present in almost all segments of the shipping industry, including the container, bulk carrier, tanker and the offshore segments.
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