New Delhi: State-run Shipping Corporation of India (SCI) on Friday reported over eight-fold jump in net profit to Rs161.21 crore for the September quarter on change in calculation of depreciation. It had posted a net profit of Rs18.59 crore in the July- September quarter of the previous fiscal, SCI said in a regulatory filing.
The total income from operations during the second quarter of the current fiscal, 2015-16, was at Rs1,085.02 crore as against Rs1,092.97 crore in the year-ago period. The total expenses declined to Rs917.35 crore in the quarter under review, as against Rs1,069.32 crore in the year-ago period.
“The company, while calculating the depreciation for the half year, has adopted the residual value of all the vessels at 5% of initial cost of vessels as against Re1 considered earlier, keeping in view the actual realisation in the past... “... consequent to the change, the depreciation of the quarter ended 30 September 2015 is lower and profit for the quarter 30 September 2015 is higher by Rs50 crore," the SCI said.
The revenue of the country’s largest domestic shipliner from the bulk segment increased to Rs805.91 crore, over Rs740.97 crore in the year-ago period, it said.
Other income include capital gain of Rs9.99 crore from sale of a property at Kolkata during the quarter. The shares of the company closed at Rs81.30, up 3.17% on BSE.