State-run Shipping Corporation of India (SCI) on Monday reported a 40% increase in its net profit to Rs 123.06 crore for the quarter ended December 31, 2010 from Rs 87.44 crore in same period last year.
Revenues for the quarter increased to Rs 888.93 crore as compared to Rs 845.43 crore in December 2009 quarter. During the quarter under review, SCI has seen a major turnaround in its liner segment. Profit from its liner segment in Q3FY11 was Rs 9.64 crore against a loss of Rs 45.79 crore in same period the previous year. Revenue from liner segment also increased in Q3FY11 to Rs 297.15 crore from Rs 216.01 crore in same quarter in 2009.
Profit and revenue in the bulk segment in the December 2010 quarter stood at Rs 101.61 crore and Rs 623.87 crore, respectively. SCI shares on the BSE were down marginally to close at Rs 114.25 on Monday.
During the quarter, the government?s disinvested 10% of the paid up share capital of the company through a follow-on public offer (FPO) to bring in Rs 582.45 crore to the company. These funds were unutilised as of December 2010 quarter. Post FPO, government stake in the company has come down from current 80.12% to 63.75%. In the December 2010 quarter, SCI took delivery of three product tankers and one crude oil tanker. Subsequent to the quarter, the company took delivery of one Aframax tanker.
