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Other income helped the public sector Shipping Corporation of India to report a net profit of ₹49.50 crore for the first quarter ended June 30 against ₹98.70 crore loss during the same period a year ago. In the quarter ended March, the company had reported a profit of ₹13.24 crore, though the full year it suffered a loss of ₹274 crore.
During the first quarter, both liner and tanker operations suffered losses and the offshore services reported lower profit. The company cancelled orders for two new ships — a container vessel and an OSV — as the yard could not deliver them on time.
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