Shipping Corp net up 13%

CORPORATE SCORECARD

Despite a loss of Rs 46.28 crore in the liner shipping segment owing to low freight rates and high bunker costs, national flag carrier Shipping Corporation of India (SCI) has reported a 13.24 per cent rise in net profit at Rs 206.12 crore for the quarter ended June 30 compared with Rs 182.01 crore for the quarter ended June 30, 2006.

Total income from operations grew by 12.62 per cent to Rs 958.09 crore (Rs 850.68 crore).

SCI Chairman and Managing Director S Hajara said strong freight rates in the dry bulk segment and reasonable tanker rates helped the company.

SCI has over 20 vessels deployed in the dry bulk segment, where freight rates have been rising for the last several months.

Hajara said the company has credited the foreign exchange gains of Rs 30.26 crore to its profit and loss account under the "other expenditure" category following a new directive by the ministry of company affairs.

The container (liner) segment posted a loss of Rs 46.28 crore for the reporting quarter (against a loss of Rs 10.44 crore), while the bulk segment posted a profit of Rs 218.82 crore (Rs 159.88 crore).

The liner segment includes breakbulk and container transport while the bulk segment includes tankers (both crude and product), dry bulk, gas carriers and phosphoric acid carriers.