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Shipping Corp Q2 Net Profit Declines By 49% to ₹124 Cr
Dr.G.R.Balakrishnan Nov 09 2022 Shipping News

Shipping Corp Q2 Net Profit Declines By 49% to ₹124 Cr

Disinvestment-bound Shipping Corporation of India Ltd (SCI) on Friday 4      Nov reported a 48.81 per cent decline in its consolidated net profit to ₹124 crore for the quarter ended September 2022.

The shipping company had reported a net profit of ₹243 crore in the corresponding quarter of the previous fiscal, it said in a regulatory filing to the BSE.

Shipping Corporation of India (SCI) total income rose by 12.5 per cent to ₹1,458 crore during the quarter under review from ₹1,296 crore in the year-ago period.

The company’s total expenses also increased by 34 per cent to ₹1,336 crore from ₹997 crore earlier.

SCI said the shareholders of the company have approved dividend of ₹0.33 per equity share of face value ₹10 each.

It said the proposed strategic disinvestment of SCI is being handled by the Department of Investment and Public Asset Management (DIPAM) with the engagement of necessary advisors.