Shipping Corp Mar quarter profit at Rs 13 cr

Shipping Corporation of India (SCI) today reported a net profit of Rs 13.24 crore for the quarter ended March 31 on the back of higher income from operations.
The company had clocked a net loss of Rs 284.45 crore in the corresponding quarter a year ago, the company said in a filing to BSE.
Total income from operations of the company increased to Rs 1,281.94 crore, from Rs 973.57 crore in January-March quarter of FY'13, it said.
Total expenditure of the SCI came down marginally to Rs 1,244.26 crore from Rs 1,247.91 crore in the same quarter a year-ago, it added.

"During the quarter ended March 31, the company has rescinded shipbuilding contracts for one 6500 TEU (Twenty-foot equivalent unit) container vessel, one kamsarmax bulk carrier and one 80 ton AHTSV (Anchor Handling, Towing & Supply Vessel) and subsequent to the quarter, the company has rescinded shipbuilding contract for one 6500 TEU container vessel and one 80 ton AHTSV due to non delivery of vessel within the contractual period," the company said.
"Out of the above rescinded contracts, two 6500 TEU container vessel and one kamasarmax bulk carrier were the projects identified as 'Objects of the issue' during the FPO issued by the company in November 2010. An amount of Rs 22,553.8 lakhs of the FPO funds were invested in these projects. An amount of Rs 21,021 lakh of the FPO funds has been received as refund from the shipyards of two nos 6500 TEU container vessel," the company added.

Shares of the company closed at Rs 55.15 apiece on the BSE, down 3.25 per cent from the previous close.