SCI Q3 net jumps over 40 per cent to Rs123 crore

The Shipping Corporation of India Ltd (SCI) has reported a 70.74 per cent jump in its fiscal third quarter net profit at Rs123.1 crore against Rs87.44 crore during the quarter ended 31 December 2009.

Total income of the state-run shipping company increased to Rs1019.31 crore during the quarter ended 31 December 2010 from Rs982.24 crore during the quarter ended 31 December 2009.

The board of SCI, which met today, recommended an interim dividend of 30 per cent (or Rs3 per share of face value of Rs10 each) for the financial year 2010-11.

The payment of dividend will be made on 3 March 2011 and dispatch of physical warrants will be completed by 1 March 2011, SCI said in a filing with the Bombay Stock Exchange.

During the quarter the government divested 10 per cent in the paid-up share capital of the company through a follow-on public offer and SCI raised Rs582.45 crore from the stock sale

SCI proposes to utilise Rs470.19 crore from the proceeds in the current year.