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Mumbai, Jan. 30 Lower earnings from tanker segment have led state-run shipping company Shipping Corporation of India to post a drop of 22 per cent in net profit at Rs 176.78 crore for the third quarter ended December 31, 2007 against Rs 226.63 crore last year.

Total income of the company was also down nine per cent at Rs 981 crore (Rs 1,074.91 crore). According to Mr B.K. Mandal, Director (Finance) of Shipping Corporation of India, the net profit not only for third quarter but for nine months too has seen a drop, largely on account of “depressed freight rates”, especially in the tanker market.

Operating income of the company fell to Rs 915 crore (Rs 1,034 crore).

Complying with changes in Accounting Standard related to recognition of foreign exchange fluctuations on repayment and conversion of liabilities pertaining to long term loans for fixed assets acquired from a country outside India, Shipping Corporation has included around Rs 4.52 crore of foreign exchange variation gains under ‘Other Income’.

More Stories on : Shipping | Financial Performance | Shipping Corporation of India Ltd

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