India’s state-owned shipping company Shipping Corporation of India Ltd (SCI) has reported a quarterly profit of INR 101.49 Crores (USD 16.4 million) for the quarter ended March 31, as against INR 13.24 Crores reported during the same quarter a year earlier.
The losses due to unprecedented downturn in the dry bulk markets have been partially offset by the rally in the tanker market since early 2015, says SCI.
This is the fifth consecutive quarter of reporting profits for the Mumbai-based company. After having reported losses for last three financial years, SCI has turned around and reported a net profit of INR 200.93 Crores for the fiscal year ended March 31, compared a net loss of INR 274.66 Crores in the previous year.
While the net income from operations has almost remained flat, the appreciable decrease in various expenses, impact of judicious cancellation of new ship building orders and sale of old vessels have contributed to the positive results, SCI says. The overall financial health of the company has improved with enhanced net-worth and reduced borrowings.
SCI has a fleet of 69 vessels of 5.89 million dwt with an average age of under 9 years.