Date:16/06/2006 URL: http://www.thehindubusinessline.com/2006/06/16/stories/2006061602190300.htm

Back SCI Q4 net down 43 pc on high bunker cost

Our Bureau

Mumbai , June 15

Shipping Corporation of India (SCI) reported a 42.7 per cent fall in net profit at Rs 350.13 crore for the fourth quarter ended March 31, 2006, compared to Rs 611.13 core in the year-ago period.

The profit was lower mainly because of higher bunker and staff cost. Bunker cost for the quarter increased substantially to Rs 153.36 crore from Rs 62.97 crore. Staff cost also more than doubled to Rs 97.33 crore from Rs 38.55 crore. Besides, last year the company had a gain of Rs 295.48 crore from tax adjustments. Total income for the quarter increased to Rs 1089.25 crore from Rs 858 crore.

For the full year, too, the net profit was down by over 26 per cent to Rs 1042.20 crore from Rs 1419.91 crore in the previous fiscal.

Total income of the full year was lower at Rs 3584.49 crore against Rs 3645.78 crore in the previous year. The company had a net interest income of Rs 93.07 crore against Rs 15.98 crore last year.