Shipping Corporation Sept quarter net loss at Rs 124 crore

Company's total income came down to Rs 1056 crore

State-run Shipping Corporation of India (SCI) today reported a net loss of Rs 123.6 crore for the quarter ended September 30.

The company had posted a net profit of Rs 297 crore in the corresponding quarter of the previous fiscal, SCI said in a filing to BSE.

The expenditure of the company overshot its total income, it said.

SCI's total income came down to Rs 1056.4 crore, over Rs 1195 crore in the corresponding quarter of the previous fiscal, the company said.

The company's total expenditure was Rs 1134.5 crore, over Rs 1245.5 crore in the same quarter of FY'13, the company.

 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 14.60 crore against Rs 108.61 crore in the same period last fiscal, the profit on the sale of ships was Rs 6.37 crore crore against Rs 60.70 crore in the year-ago period.

SCI also said in another filing to BSE about the reappointment of three non-official directors on the company's board.

"Three persons have been re-appointed as part-time non-official directors (Rear Admiral (Retd) T S Ganeshan, Arun Ramanathan and Arun K Verma) on the Board of the company," it said.

The shares of SCI were trading at Rs 34.75 apiece on BSE, down 3.07% from the previous close.