The Shipping Corporation of India (SCI) declared its unaudited financial results for the quarter ended 30th September 2015 posting a net profit of Rs 161.21 crore as against a net profit of Rs 18.59 crore during the quarter ended 30th September 2014 and a net profit of Rs 163.54 crore during the quarter ended June 2015.
This is the eighth consecutive quarter of reporting profits. SCI’s turnaround started from Q3 of FY15 with modest two digit profit figures and has now reported three digit profit figures two quarters in a row.
With this, SCI has registered a net profit of Rs 324.75 crore for the half year ended 30th September 2015 as against a net profit of Rs 68.09 crore reported during the same period last year. The steady increase in profits has been attributed to the rally in tanker markets, strict cost control measures by the management and consistent low world crude oil prices.