SCI first quarter net profit jumps 60 per cent to Rs191 crore

Shipping Corporation of India Ltd (SCI) has reported a 60 per cent year-on-year increase in its fiscal first quarter (April-June 2010-11) net profit at Rs191.49 crore compared with Rs119.92 crore in the year-ago quarter (ended 30 June 2009).

Total income of the country's largest shipping company during the quarter was marginally up at Rs1,007.72 crore against Rs1,000.5 crore in the previous-year quarter.

Net income from operations stood at Rs9,065.2 crore against Rs8,827.9 crore in the year-ago quarter and Rs34,631.2 crore in the whole of the previous year (2009-10). 

During the quarter, operating cost of the company rose mainly due to higher bunker charges, which went up to Rs1,986.5 crore from Rs1,511.3 crore in the April-June 2009 quarter. SCI paid a total of Rs7,359.3 crore in bunker charges for the whole of the previous financial year.

Port dues were lower at Rs693.8 crore in the April-June 2010 quarter against Rs797.9 crore in the year-ago quarter and Rs3,054.5 crore for the 2009-10 financial year.

Cargo handling expenses were also lower during the April-June 2010 quarter at Rs501.5 crore against Rs820.7 in the year-ago quarter. It was Rs2,517.0 crore during the 2009-10 financial year.