The Hindu Business Line : SCI net zooms 111 pc in Q3

BUOYED by strong freight market sentiments, Shipping Corporation of India (SCI) has recorded a 111 per cent increase in its net profit for the third quarter of the current fiscal, compared to the corresponding quarter of last fiscal.

During the quarter, SCI's net zoomed to Rs 280.15 crore, against Rs 133.23 crore and its total income increased to Rs 992.92 crore from Rs. 712.92 crore.

The net profit and income during the first nine months of this fiscal stood at Rs 808.78 crore and Rs 2,687.78 crore, respectively against Rs 369.85 crore and Rs 2,149.39 crore, respectively in the corresponding period of last fiscal.

The company had recorded a higher quantum of increase in revenue from the bulk segment, which includes tankers (both crude and product), dry bulk carriers, gas carriers and phosphoric acid carriers.

The bulk segment earned the company revenue of Rs 788.14 crore against Rs 527.33 crore.

SCI had scrapped and sold two vessels for a total value of Rs 58.61 crore. It had taken delivery of a very large crude carrier of 3.16 lakh DWT, Desh Ujala, on January 25.

In view of the company adopting the tonnage tax scheme, no provision was made for deferred tax liability/asset for the nine-month period ended December 31, 2004, and the balance in deferred tax liability account, amounting to Rs 295.48 crore, will be reviewed at the year end.

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