Asia/Pacific News
SCI Posts Fifth Consecutive Quarterly Profit
State-run Shipping Corporation of India (SCI) has reported its fifth consecutive quarterly profit in the fourth quarter of 2014-1015, marking its first full-year profit recorded in four years.
Profit in the fourth quarter of the fiscal year ending March 31, 2015 came to Rs 101.49 Crores ($15.8 million), up from Rs 13.24 Crores ($2.1 million) the year before, while full-year profit also rose to Rs. 200.93 Crores ($31.7 million) from a loss of Rs 274.66 Crores ($43.2 million).
According to reports, much of the performance has been driven by the sale of ships.
The company currently has a fleet of 69 vessels.
Revenues have also remained flat, but "the appreciable decrease in various expenses, impact of judicious cancellation of new ship building orders and sale of old vessels have also contributed to the positive results," SCI said.
The company also admitted that it had been impacted by the downturn in the dry bulk market, though the improving tanker market has partially offset the losses.
Last year, SCI was reported as commenting that the Indian bunkering market has not been living up to its potential, largely due to infrastructure and supply quality reasons.
