Shipping Corp Q4 profit jumps over seven-fold to Rs 102 cr

Shipping Corporation of India (SCI) today reported more than seven-fold jump in net profit at Rs 101.49 crore for the quarter ended March 31 on gains from sale of ships.

The largest domestic ship liner had recorded a net profit of Rs 13.24 crore in the year-ago period.

Total income from operations fell to Rs 1,076.96 crore in the fourth quarter of 2014-15 from Rs 1,281.94 crore in the corresponding period of the previous year, the company said in a BSE filing.

The profit from sale of ships during the quarter stood at Rs 35.03 crore. Total expenditure came down to Rs 948.97 crore from Rs 1,244.26 crore during the period under review.

For the full year 2014-15, SCI recorded a net profit of Rs 200.93 crore. It had registered a net loss of Rs 274.66 crore in 2013-14.

The total income from operations during last fiscal stood at Rs 4,310.97 crore which included Rs 120.55 crore from sale of ships. In 2013-14, the company recorded a total income of Rs 4,405.17 crore.

"During FY 2014-15, the company has revised the useful life of their vessels (fleet)...The depreciation on these assets which was earlier being provided under the "written down value" method is now being provided for as per "straight line method" over the useful life of assets.

"Due to these changes, the depreciation for the quarter/year March 31, 2015 is lower by Rs 1,415 lakh/Rs 5847 lakh and profit for the quarter/year ended March 31,2015 is higher by Rs 1,415 lakh/Rs 5,847 lakh respectively," Shipping Corporation said.

Shares of the company closed at Rs 56.75 apiece on the BSE, up 0.09 per cent from the previous close.