SCI 1H Profit Jumps

 

The Shipping Corporation of India (SCI) declared its unaudited financial results for the quarter ended 30th September 2015 posting a net profit of Rs. 161.21 crores as against a net profit of Rs. 18.59 crores during the quarter ended 30th September 2014 and a net profit of Rs. 163.54 during the quarter ended June 2015.

This is the eighth consecutive quarter of reporting profits. SCI’s turnaround started from Q3 of FY2014-15 with modest two digit profit figures and has now reported three digit profit figures two quarters in a row.

With this, SCI has registered a net profit of Rs. 324.75 crores for the half year ended 30th September 2015 as against a net profit of Rs. 68.09 crores reported during the same period last year. The steady increase in profits has been attributed to the rally in tanker markets, strict cost control measures by the management and consistent low world crude oil prices.

SCI currently owns 69 vessels corresponding to 5.89 million dead weight tonnes and 3.29 million gross tonnes which include thirty five tankers.