Shipping Corporation Q3 Profit Surges
The Shipping Corporation of India (SCI) declared its unaudited financial results for the quarter ended 31st December 2015 posting a net profit of Rs. 59.66 crores as against a net profit of Rs. 31.35 crores during the quarter ended 31st December 2014.
With this, SCI, a public sector company, has registered a net profit of Rs. 384.41 crores for the nine month period ended 31st December 2015 as against a net profit of Rs. 99.44 crores reported during the same period last year.
SCI currently owns 69 vessels corresponding to 5.89 million dead weight tonnes and 3.29 million gross tonnes which include thirty five tankers.
The Indian Prime Minister, Narendra Modi eatrlier mentioned about the dramatic turnaround of The Shipping Corporation of India, while addressing Global Business Meet, on the 29th January ‘16. He stated, "This is an example of a quantum leap. The Shipping Corporation of India which made a loss of Rs 275 Cr in the year 2013-14 made a profit of Rs 201 Cr in 2014-15. This is a turnaround of Rs 476 Cr in one single year"