Shipping Corporation of India back in black as liner net profit soars 50pc

INDIAN flag carrier, Shipping Corporation of India (SCI), posted a 50 per cent annual net profit increase to INR5.67 billion (US$124 million), drawn on revenues of INR35.4 billion, up 2.3 per cent.


Group operating profit increased 175 per cent to INR2.4 billion. Container division operating profit stood at INR624 million (USD13.7 million), drawn on revenues of INR11.41 billion, up 37 per cent, thus erasing a INR2.25 billion loss in the previous 2009/10 financial year.


SCI runs two long-haul container services with MSC between south Asia and Europe, reported London's Containerisation International. The company plans to increase its box fleet and expand coverage. It has ordered three 6,500-TEU ships, reportedly for US$80 million each, to be delivered in the first half of 2013.


At the corporate level, in 2010/11, the group experienced a 2.3 per cent increase in revenue to INR35.4 billion.
(Source:http://www.schednet.com)