Shipping Corp Reportedly Narrows Loss of Rs 41Cr in Jul-Sept

BY Tiya Chatterji 7.Nov.2019

The Shipping Corporation of India on Wednesday reported narrowing of consolidated loss to Rs 40.91 crore for the quarter which ended on September 30, 2019. The company had posted a consolidated loss of Rs 124.51 crore in the year-ago period, according to a BSE filing.

The total synthesized income of the company in the July-September quarter marginally increased to Rs 1,064.28 crore from Rs 1,052.11 crore in the year-ago period. The shipping company also has substantial interests in various segments of the shipping trade.

The 2014-15 results were a huge turnaround for the country’s largest shipping line, which incurred three consecutive loss bearing years; it lost nearly $50 million in 2013-14. In an earnings statement filed with the Bombay Stock Exchange Thursday, the company said its yearly income from operations, including acquired profit from disposal of ships, amounted to $677 million, down 2 percent year-over-year from $692 million. Net sales for the full year remained flat, at $652 million, according to the statement.

SCI currently has a fleet of 69 vessels with a total cargo-carrying capacity of about 5.89 million deadweight tons. Its owned fleet consists of bulk carriers, crude oil tankers, product tankers, container vessels, passenger-cum-cargo vessels, phosphoric acid/chemical carriers, LPG / ammonia carriers and offshore supply vessels.