Extraordinary gains help Shipping Corp sail to Q2 profit

Our Bureau Mumbai | Updated on March 12, 2018 Published on November 09, 2012

Shipping Corporation of India has registered a second quarter net profit primarily on account of an extraordinary realisation.

In the July to September quarter, the state-run shipping company posted a net profit of Rs 297.26 crore against a net loss of Rs 140.60 crore, a year ago.

“Extraordinary realisation includes a reversal of foreign exchange loss from the previous quarters due to a change in accounting rules and booking of unrealised revenue in the liner segment that was not booked earlier,” B.K. Mandal, Director-Finance, said.

The company realised Rs 478.74 crore as extraordinary item. This includes about Rs 373 crore on account of reversal and about Rs 104 crore in carryover revenue from the liner segment.

Total income increased to Rs 1,089.35 crore against Rs 1,037.50 crore, a year earlier while total expenses rose 17 per cent to Rs 1,245.53 crore (Rs 1,064.36 crore).

Finance costs, however, fell 79 per cent to Rs 30 crore from Rs 146.28 crore.

Shares of the company were up 5.52 per cent at Rs 54.50 at 1.15 p.m. on the Bombay Stock Exchange.

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Published on November 09, 2012
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