Shipping Corp Q4 net loss narrows to Rs 281.44 cr

State-run Shipping Corporation of India (SCI) today said it's net loss narrowed down to Rs 281.44 crore in the fourth quarter ended March 31, 2013, mainly on the back of less expenses.

The country's largest ocean liner had reported a net loss of Rs 355.85 crore in the same period of previous fiscal.

The company's total revenue declined by 13.07% to Rs 973.67 crore for the fourth quarter ended March 31, 2013 as against Rs 1,105.90 crore in the year-ago period.

The decline in income was mainly on account of loss in other operating income at Rs 4.81 crore during the quarter under review, besides less profit on sale of ships as compared to the corresponding period of previous fiscal.

The other operating income of the company stood at Rs 20.67 crore in the fourth quarter of 2011-12, while it was Rs 67.64 crore from sale of ships which declined to Rs 17.69 crore in the fourth quarter of 2012-13.

Other income of the company was recorded at Rs 20.83 crore during the quarter as compared to Rs 2.75 crore in the corresponding quarter of 2011-12.

Total expenditure of the company declined by 7.31% during January-March quarter of 2013 at Rs 1247.91 crore as compared to Rs 1346.41 crore in the same quarter of the previous fiscal.

For the full year, SCI narrowed its net loss to Rs 114.31 crore. In 2011-12, the company had recorded a net loss of Rs 428.21 crore.

The total income during the last fiscal was at Rs 4360.60 crore, almost same as the previous fiscal.

Total expenses rose to Rs 4,701.71 crore during the year as compared to Rs 4,452.91 crore in 2011-12.

The shares of the company closed at Rs 39.15 apiece on the BSE today, up 0.38% from its previous close.