SCI Q1 net loss widens to Rs 99 cr

Company reported net loss of Rs 55 crore in the corresponding quarter of last fiscal

State-run Shipping Corporation of India (SCI) today said its net loss widened to Rs 98.7 crore for the first quarter of this fiscal due to lower income.

The nation's largest ocean liner had reported a net loss of Rs 54.8 crore in the corresponding quarter of last fiscal.

The company's total income came down to Rs 976 crore in the quarter against Rs 1,262 crore in the same period in the previous financial year, the company said in a filing to BSE.

The dip in total income was due to lower other operating income and lower profit on sale of ships.

While the other operating income of the company during the quarter was Rs 41 crore against Rs 65 crore in the same period last fiscal, the profit on the sale of ships was Rs 17 crore against Rs 42.9 crore in the year-ago period.

The net sales of the PSU came down to Rs 917.6 crore, against Rs 1,154.9 crore in the same quarter in FY 2012-13, it said.

The total expenditure of the company came down to Rs 1,037 crore, registering a dip of 15%.

SCI's total expenditure during the April-June quarter was Rs 1,225.9 crore, it said.

Shares of the company closed at Rs 29.50 a piece on BSE, up 4.98% from the previous close.