The Shipping Corporation of India Limited (SCI), the largest Indian Shipping Company has reported a net profit of Rs. 49.50 crores for the quarter ended 30.06.2014. This is against the loss of Rs. 98.70 crores reported for the corresponding quarter last year.
Despite the depressed market conditions, operationally SCI has performed better as can be seen from the profit from operations before other income & finance cost, which stood at Rs. 11.94 crores, as against the loss of Rs. 61.11 crores during the same period last year. SCI has also benefitted from cancellation of some of its shipbuilding contracts.
The Company had also reported a profit of Rs.13.24 crores during the preceding quarter of Jan - Mar 2014 after five consecutive quarters of loss.